Enhanced Investments - Financial Portal

Published: 2020-05-06

OUR OPERATIONS
We invest in renewable assets directly, as well as with institutional partners, joint venture partners and through otherarrangements. Our portfolio of assets has approximately 19,300 megawatts ("MW") of capacity and annualized long-termaverage ("LTA") generation of approximately 57,400 gigawatt hours ("GWh"), in addition to a development pipeline ofapproximately 13,000 MW, making us one of the largest pure-play public renewable companies in the world. We leverageour extensive operating experience to maintain and enhance the value of assets, grow cash flows on an annual basis andcultivate positive relations with local stakeholders. The table below outlines our portfolio as at March 31, 2020:
					Storage
	River		Capacity	LTA	(1)	Capacity
	Systems	Facilities	(MW)	(GWh)	(GWh)
Hydroelectric
North America
United States	31	140	3,148	13,503	2,523
Canada	18					29	1,098	3,656	1,261
	49	169	4,246	17,159	3,784
Colombia	6					6	2,732	14,485	3,703
Brazil	27					44	946	4,924	—
	82	219	7,924	36,568	7,487
Wind
North America
United States—					26	2,065	6,926	—
Canada—					4	483	1,437	—
	—					30	2,548	8,363	—
Europe—					45	1,062	2,405	—
Brazil—					19	457	1,950	—
Asia—					9	660	1,650	—
	—	103	4,727	14,368	—
Solar
Utility							(2)	—		95	2,545	5,354	—
Distributed generation—	4,852	788	1,107	—
	—	4,947	3,333	6,461	—
Storage							(3)	2		4	2,698	—	5,220
Other							(4)	—		15	590	—	—
	84	5,288	19,272	57,397	12,707
(1)	LTA is calculated based on our portfolio as at March 31, 2020, reflecting all facilities on a consolidated and an annualized basis from thebeginning of the year, regardless of the acquisition, disposition or commercial operation date. See "Part 8 – Presentation to Stakeholders andPerformance Measurement" for an explanation on our methodology in computing LTA and why we do not consider LTA for our Storage andOther facilities.
(2)	Includes four solar facilities (52 MW) in South Africa and Asia that have been presented as Assets held for sale.
(3)	Includes pumped storage in North America (600 MW) and Europe (2,088 MW) and battery storage in North America (10 MW).
(4)	Includes four biomass facilities in Brazil (175 MW), one cogeneration plant in Colombia (300 MW), one cogeneration plant in North America(105 MW) and nine fuel cell facilities in North America (10 MW).

The following table presents the annualized long-term average generation of our portfolio as at March 31, 2020 on aconsolidated and quarterly basis:
GENERATION (GWh)	(1)	Q1	Q2	Q3	Q4	Total
Hydroelectric
North America
United States		3,794	3,918	2,525	3,266	13,503
Canada		841	1,064	873	878	3,656
		4,635	4,982	3,398	4,144	17,159
Colombia		3,315	3,614	3,502	4,054	14,485
Brazil		1,215	1,228	1,241	1,240	4,924
		9,165	9,824	8,141	9,438	36,568
Wind
North America
United States		1,877	1,851	1,392	1,806	6,926
Canada		400	345	273	419	1,437
		2,277	2,196	1,665	2,225	8,363
Europe		775	533	452	645	2,405
Brazil		371	494	606	479	1,950
Asia		368	439	454	389	1,650
		3,791	3,662	3,177	3,738	14,368
Solar
Utility							(2)	995	1,697	1,775	887	5,354
Distributed generation		218	339	334	216	1,107
		1,213	2,036	2,109	1,103	6,461
Total		14,169	15,522	13,427	14,279	57,397
(1)	LTA is calculated on a consolidated and an annualized basis from the beginning of the year, regardless of the acquisition or commercial operationdate. See "Part 8 – Presentation to Stakeholders and Performance Measurement" for an explanation on our methodology in computing LTAand why we do not consider LTA for our Storage and Other facilities.
(2)	Includes four solar facilities (52 MW) in South Africa and Asia that have been presented as Assets held for sale.

The following table presents the annualized long-term average generation of our portfolio as at March 31, 2020 on aproportionate and quarterly basis:
GENERATION (GWh)	(1)	Q1	Q2	Q3	Q4	Total
Hydroelectric
North America
United States		2,614	2,805	1,819	2,293	9,531
Canada		619	775	624	619	2,637
		3,233	3,580	2,443	2,912	12,168
Colombia		798	870	843	978	3,489
Brazil		988	998	1,009	1,009	4,004
		5,019	5,448	4,295	4,899	19,661
Wind
North America
United States		598	632	465	567	2,262
Canada		346	307	248	365	1,266
		944	939	713	932	3,528
Europe		255	176	151	216	798
Brazil		127	167	210	165	669
Asia		99	118	121	104	442
		1,425	1,400	1,195	1,417	5,437
Solar
Utility							(2)	214	362	375	191	1,142
Distributed generation		63	98	97	62	320
		277	460	472	253	1,462
Total		6,721	7,308	5,962	6,569	26,560
(1)	LTA is calculated on a proportionate and an annualized basis from the beginning of the year, regardless of the acquisition or commercialoperation date. See "Part 8 – Presentation to Stakeholders and Performance Measurement" for an explanation on the calculation and relevanceof proportionate information, our methodology in computing LTA and why we do not consider LTA for our Storage and Other facilities.
(2)	Includes four solar facilities (52 MW) in South Africa and Asia that have been presented as Assets held for sale.
Statement Regarding Forward-Looking Statements and Use of Non-IFRS Measures
This Interim Report contains forward-looking information within the meaning of U.S. and Canadian securities laws. We may make such statementsin this Interim Report and in other filings with the U.S. Securities and Exchange Commission ("SEC") and with securities regulators in Canada -see "PART 9 - Cautionary Statements". We make use of non-IFRS measures in this Interim Report - see "PART 9 - Cautionary Statements''. ThisInterim Report, our Form 20-F and additional information filed with the SEC and with securities regulators in Canada are available on our websiteat https://bep.brookfield.com, on the SEC's website at www.sec.gov or on SEDAR's website at www.sedar.com.

Letter to Unitholders
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Over the last two decades, Brookfield Renewable has become one of the premier, global, renewable energycompanies. We have close to $50 billion of renewable assets, a $16 billion market capitalization (includingour recently announced merger with TerraForm Power) and a 20-year track record of stable and growingdividends delivering a 17% compounded annual return to unitholders.
As a special advantage in this “greening world”, our business avoids over 28 million tonnes of CO2 annuallyand this number continues to grow each year. As the world transitions to renewable energy and looks toreduce CO2 consumption, we believe we are one of the entities of scale, with the track record and globalcapabilities to deliver investors a resilient, stable distribution plus meaningful growth through all marketcycles. As always, our objective remains the same - deliver 12-15% total returns, on a per-unit basis, overthe long-term.
We are currently in the midst of an unprecedented global health and financial crisis. In spite of the significantmarket volatility and a potentially deep recession, our operations remain resilient, our earnings are expectedto be stable, and our financial position, which allows us to pursue growth, is in excellent shape.
First, as it relates to our operations, we are fortunate to benefit from a depth of technical and commercialexpertise within the business from our approximately 3,000 colleagues around the world who manage ourfacilities at the highest standards, every day. Their expertise, dedication and hard work have been criticalto our success for many years, but it is times like this, where their speed of decision-making, prudent riskmanagement and ability to be flexible in light of unique working conditions, is both deeply evident andtremendously valuable.
Our business produces and delivers clean, renewable energy to over 600 customers around the world underlong-term power purchase agreements. Over the years, we have focused on ensuring those agreementswere both long-term and backed by creditworthy counterparties. Accordingly, the revenue profile of ourbusiness is very stable and diversified. More importantly, we believe the demand for renewable energy willcontinue to grow, perhaps at an even faster pace, as countries look to protect themselves from exogenousrisks such as we are experiencing today.
From a financial perspective, we continue to capitalize the business utilizing a strong investment gradebalance sheet and long duration non-recourse debt, while maintaining high levels of liquidity (over $3 billioncurrently) as a cushion against unexpected events. This ensures that we maintain a low risk financial profile.Accordingly, in the last two months, we raised over $1 billion of attractive asset level and corporate greenfinancings. This includes $560 million of ten-year asset level financing at one of our hydro facilities in theUnited States with an all-in coupon of 4% and an additional approximately C$350 million of ten-year corporatebonds in Canada, at approximately 3.5%. We have operated the business this way for many years, alwaysprioritizing financial strength and flexibility. We recognize that this can often get overlooked as part of investors'risk-reward equation, in particular during expansionary periods; however, we believe it is critical to our long-term success, and over time, contributes meaningfully to the compounding of our cash flows and the totalreturns delivered by our units.
In spite of the significant market turmoil, we continue to focus on building the business for the future. Werecently agreed to merge our subsidiary, Terraform Power ("TERP"), into Brookfield Renewable, on an allstock basis
	1. The merger will simplify our structure, diversify our holdings, and strengthen our business in
North America and Europe. It will increase our public float of shares by approximately $1.5 billion and willfacilitate the issuance of Brookfield Renewable Corporation ("BEPC") shares, which should help currentshareholders who may prefer to hold a C-Corp share and potentially attract new shareholders. In addition,we have continued to advance our healthy M&A and development pipeline, which remains on track to deliverinvestment opportunities of $700-800 million of net equity in 2020, in-line with our targets.
1The transaction is subject to customary closing conditions, including the non-waivable approval of TERP shareholders representing amajority of the outstanding shares of TERP Class A common stock not owned by Brookfield Renewable and its affiliates.
Brookfield Renewable Partners L.P.		Interim Report	March 31, 2020
				Page 5

Results from Operations
During the first quarter, we generated FFO of $217 million, or $0.70 per unit, reflecting solid performance,as our operations benefited from strong underlying asset availability and resource, and growth and efficiencyinitiatives. On a normalized basis, our results are up 5% over last year.
Our business continues to benefit from our growing and diverse generation portfolio, limited off-takerconcentration risk, and a strong contract profile. During the quarter, overall generation was slightly aheadof long-term average as we continue to benefit from the diversity of our fleet. Our focus over the last decadehas been to diversify the business which, over the long-term, mitigates exposure to water, wind and sun,regional or market disruptions, and potential credit events.
For example, with over 600 counterparties, we have a diversified high-quality customer base comprisedprimarily of public power authorities and utilities that is insulated from single counterparty risk. Our singlelargest non-government third-party customer represents 2% of generation, providing strong downsideprotection and safeguarding our cash flows. Furthermore, our cash flows are long duration, with a weighted-average remaining contract length of 14 years. The portfolio is largely contracted, with 95% of total generationcontracted in 2020, meaning our business does not have meaningful exposure to short-term price declinesfrom slowing economic activity or lower power demand.
During the quarter, our hydroelectric segment delivered FFO of $222 million. Our storage segment performedparticularly well, generating $6 million of FFO in the quarter. Our focus in Latin America continues to beextending the average duration of our power purchase agreements where power price volatility providesopportunities to enhance and stabilize future revenues. In this regard, we signed 17 contracts in the quarterwith high-quality, creditworthy counterparties for a total of 312 gigawatt-hours per year. As a result, todayour contract profile stands at 9 years and 3 years in Brazil and Colombia, respectively.
In North America, where power prices remain low, we are focused on securing shorter term contracts at ourhydroelectric facilities to ensure we retain upside optionality for when we believe prices will improve. Acrossour hydroelectric fleet in North America, starting next year, we have three contracts rolling off for assets thatprimarily deliver power to markets in the U.S. northeast. Fortunately, these contracts, on a net basis, deliverpower at prices in the range of the current market. Therefore, on renewal, we expect minimal impact to ouroverall revenue. Beyond these contracts, we do not have any material PPA maturities in North America until2029.
Our wind and solar segments generated a combined $62 million of FFO, as we continue to generate stablerevenues from these assets and benefit from the diversification of our fleet and highly contracted cash flowswith long duration power purchase agreements. We also continue to execute on opportunistic O&Moutsourcing agreements aimed at de-risking our portfolios and, where appropriate, delivering cost savings.We are in the process of implementing four such agreements across our portfolio, all of which provideattractive availability guarantees and a more comprehensive scope than what is currently in place.
Balance Sheet and Liquidity
Our liquidity position remains robust, with over $3 billion of total available liquidity. During the quarter, webolstered our liquidity position, by executing on key financing and capital raising initiatives, all whilemaintaining a low-risk balance sheet.
Our balance sheet has a BBB+ investment grade rating, no material maturities over the next five years, anaverage overall debt duration of 10 years, and 80% of our financings are non-recourse to BEP. So far thisyear, we have executed $1.4 billion of financings across the business, and we continued to advance ourgreen financing initiatives. We further diversified our sources of capital by issuing our inaugural greenperpetual preferred units for $200 million at 5.25% in the U.S. market, in addition to the approximately C$350 million of ten-year corporate green bonds issued in early April. In aggregate, we will have completed$2.8 billion in green financing initiatives over the last two years.
Brookfield Renewable Partners L.P.	Interim Report	March 31, 2020
			Page 6

We also continued to execute our capital recycling strategy of selling mature, de-risked or non-core assetsto lower cost of capital buyers and redeploying the proceeds into higher yielding opportunities. During thequarter, we completed the sale of our solar assets in Thailand that we had acquired through our investmentin TerraForm Global, for proceeds of $94 million ( $29 million net to BEP), allowing us to realize an over 30%return on our original invested capital.
We also have limited exposure to foreign exchange volatility as we employ a disciplined hedging strategywhere we hedge developed market exposure and opportunistically hedge our emerging market exposure,where cost effective. As a result, 25% of our FFO in 2020 is exposed to foreign currency volatility, meaningan overall 10% move in the currencies of markets we operate in (developed or emerging) would have anoverall 2.5% impact to our FFO. Indeed, during the quarter, while we saw a dramatic strengthening of theU.S. dollar versus all the foreign currencies in which we operate, the impact on our business was $9 millionof FFO or less than 4%.
Outlook
We have seen heightened market volatility and unprecedented disruption around the world, but the strategicand operating decisions we have made across our business over the last number of years ensures that weare well positioned to withstand short-term economic impacts, while continuing to allocate capital and buildthe business for the future.
In light of all of this, we believe Brookfield Renewable represents one of the most compelling opportunitiesfor investors to participate in the substantial, multi-decade effort to decarbonize global electricity grids andmove to cleaner, renewable sources of energy.
As always, we remain focused on delivering on our long-term total return targets. Thank you for your continuedsupport and stay safe.
Sincerely,
Sachin Shah
Chief Executive Officer
May 6, 2020
Brookfield Renewable Partners L.P.	Interim Report	March 31, 2020
			Page 7

OUR COMPETITIVE STRENGTHS
Brookfield Renewable Partners L.P. ("Brookfield Renewable") is a globally diversified, multi-technology, owner and operatorof renewable power assets.
Our business model is to utilize our global reach to acquire and develop high quality renewable power assets below intrinsicvalue, finance them on a long-term, low-risk and investment grade basis through a conservative financing strategy and thenoptimize cash flows by applying our operating expertise to enhance value.
One of the largest, public pure play renewable businesses globally. Brookfield Renewable has a proven track record as apublicly-traded operator and investor in the renewable power sector for over 20 years. Today we have a large, multi-technologyand globally diversified portfolio of pure-play renewable assets that are supported by approximately 3,000 experiencedoperators. Brookfield Renewable invests in renewable assets directly, as well as with institutional partners, joint venturepartners and in other arrangements. Our portfolio consists of approximately 19,300 MW of installed capacity largely acrossfour continents, a development pipeline of approximately 13,000 MW, and annualized long-term average generation on aproportionate basis of approximately 26,600 GWh.
The following charts illustrate annualized long-term average generation on a proportionate basis:
	Source of Energy			Region
			Solar	Europe
			6%	4%
	Wind
	20%					Latin
						America
						& Asia
						34%
					North
					America
					62%
		Hydro
		74%
Helping to accelerate the decarbonization of the electricity girds.							As the world transitions to renewable energy and looks
to reduce CO2 consumption, we believe we are one of the entities of scale, with the track record and global capabilities todeliver investors a resilient, stable distribution plus meaningful growth through all market cycles. Our carbon footprint isone of the lowest in the sector, and our annual generation of 57 terawatt-hours avoids approximately 28 million metric tonsof carbon dioxide emissions annually. As one of the largest issuers of green bonds globally, we offer debt investors the abilityto invest in our renewable power portfolio or in assets directly. Finally, we offer customers the ability to procure renewablegeneration across multiple technologies, and in 2020, we have nearly 18,000 gigawatt-hours contracted with commercial andindustrial customers, power authorities and utilities alike across all our core regions.
Stable, diversified and high-quality cash flows with attractive long-term value for LP Unitholders. We intend to maintaina highly stable, predictable cash flow profile sourced from a diversified portfolio of low operating cost, long-life hydroelectric,wind and solar assets that sell electricity under long-term, fixed price contracts with creditworthy counterparties.Approximately 95% of our 2020 proportionate generation output is contracted to public power authorities, load-servingutilities, industrial users or to affiliates of Brookfield. Our power purchase agreements have a weighted-average remainingduration of 14 years, on a proportionate basis, providing long-term cash flow visibility.
Strong financial profile and conservative financing strategy. Brookfield Renewable maintains a robust balance sheet, stronginvestment grade rating, and access to global capital markets to ensure cash flow resiliency through the cycle. Our approachto financing is to raise the majority of our debt in the form of asset-specific, non-recourse borrowings at our subsidiaries onan investment grade basis with no financial maintenance covenants. Approximately 95% of our debt is either investmentgrade rated or sized to investment grade. Our corporate debt to total capitalization is 18%, and approximately 80% of our
Brookfield Renewable Partners L.P.								Interim Report	March 31, 2020
									Page 8

proportionate borrowings are non-recourse. Corporate borrowings and proportionate non-recourse borrowings each haveweighted-average terms of approximately ten years, with no material maturities over the next five years. Approximately 90%of our financings are fixed rate, and only 5% of our debt in North America and Europe is exposed to changes in interest rates.Our available liquidity as at March 31, 2020 is approximately $3 billion of cash and cash equivalents, investments in marketablesecurities and the available portion of credit facilities, assuming the proceeds from the C$350 million ($248 million) mediumterm note issuances completed on April 3, 2020 were used to repay a portion of the credit facility.
Best-in class operating expertise. Brookfield Renewable has approximately 3,000 operating employees and over 140 powermarketing experts that are located across the globe to help optimize the performance and maximize the returns of all ourassets. Our expertise in operating and managing power generation facilities spans over 100 years and includes full operating,development and power marketing capabilities.
Well positioned for cash flow growth. We are focused on driving cash flow growth from existing operations, fully fundedby internally generated cash flow, including inflation escalations in our contracts, margin expansion through revenue growthand cost reduction initiatives, and building out our approximately 13,000 MW proprietary development pipeline at premiumreturns. While we do not rely on acquisitions to achieve our growth targets, our business seeks upside through engagementin mergers and acquisitions on an opportunistic basis. We employ a contrarian strategy, and our global scale and multi-technology capabilities allow us to rotate capital where it is scarce in order to earn strong risk-adjusted returns. We take adisciplined approach to allocating capital into development and acquisitions with a focus on downside protection andpreservation of capital. In the last five years, we have deployed close to $2.5 billion in equity as we have invested in, acquired,or commissioned approximately 12,700 MW across hydroelectric, wind, solar and storage facilities. Our ability to developand acquire assets is strengthened by our established operating and project development teams across the globe, strategicrelationship with Brookfield, and our liquidity and capitalization profile. We have, in the past, and may continue in the futureto pursue the acquisition or development of assets through arrangements with institutional investors in Brookfield sponsoredor co-sponsored partnerships.
Attractive distribution profile. We pursue a strategy which we expect will provide for highly stable, predictable cash flowsensuring a sustainable distribution yield.
	We target a long-term distribution growth rate in the range of 5% to 9% annually.
Brookfield Renewable Partners L.P.		Interim Report	March 31, 2020
				Page 9

Management’s Discussion and AnalysisFor the three months ended March 31, 2020
This Management’s Discussion and Analysis for the three months ended March 31, 2020 is provided as of May 6, 2020. Unless the context indicatesor requires otherwise, the terms “Brookfield Renewable”, “we”, “us”, and “our” mean Brookfield Renewable Partners L.P. and its controlled entities.The ultimate parent of Brookfield Renewable is Brookfield Asset Management Inc. (“Brookfield Asset Management”). Brookfield Asset Managementand its subsidiaries, other than Brookfield Renewable, are also individually and collectively referred to as “Brookfield” in this Management’sDiscussion and Analysis.
Brookfield Renewable’s consolidated equity interests include the non-voting publicly traded limited partnership units (“LP Units”) held by publicunitholders and Brookfield, redeemable/exchangeable partnership units held by Brookfield (“Redeemable/Exchangeable partnership units”) inBrookfield Renewable Energy L.P. (“BRELP”). a holding subsidiary of Brookfield Renewable, and general partnership interest (“GP interest”) inBRELP held by Brookfield. Holders of the GP interest, Redeemable/Exchangeable partnership units, and LP Units will be collectively referred tothroughout as “Unitholders”, “Units”, or as “per Unit”, unless the context indicates or requires otherwise. The LP Units and Redeemable/Exchangeablepartnership units have the same economic attributes in all respects. See – “Part 8 – Presentation to Stakeholders and Performance Measurement”.
Brookfield Renewable’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by theInternational Accounting Standards Board (“IASB”), which require estimates and assumptions that affect the reported amounts of assets and liabilitiesand disclosure of contingent liabilities as at the date of the financial statements and the amounts of revenue and expense during the reporting periods.
Certain comparative figures have been reclassified to conform to the current year’s presentation.
References to $, C$, €, R$, £, and COP are to United States (“U.S.”) dollars, Canadian dollars, Euros, Brazilian reais, British pounds sterling andColombian pesos, respectively. Unless otherwise indicated, all dollar amounts are expressed in U.S. dollars.
For a description on our operational and segmented information and for the non-IFRS financial measures we use to explain our financial results see“Part 8 – Presentation to Stakeholders and Performance Measurement”. For a reconciliation of the non-IFRS financial measures to the most comparableIFRS financial measures, see “Part 4 – Financial Performance Review on Proportionate Information – Reconciliation of non-IFRS measures”. ThisManagement’s Discussion and Analysis contains forward-looking information within the meaning of U.S. and Canadian securities laws. Refer to –“Part 9 – Cautionary Statements” for cautionary statements regarding forward-looking statements and the use of non-IFRS measures. Our AnnualReport and additional information filed with the Securities Exchange Commission (“SEC”) and with securities regulators in Canada are availableon our website (https://bep.brookfield.com), on the SEC’s website (www.sec.gov/edgar.shtml), or on SEDAR (www.sedar.com).
Organization of the Management’s Discussion and Analysis
Part 1 – Q1 2020 Highlights	11	Part 5 – Liquidity and Capital Resources	26
		Capitalization and available liquidity	26
Part 2 – Financial Performance Review on ConsolidatedInformation	13	Borrowings	27
		Consolidated statements of cash flows	28
		Shares and units outstanding	30
Part 3 – Additional Consolidated Financial Information	14	Dividends and distributions	30
Summary consolidated statements of financial position	14	Contractual obligations	30
Related party transactions	15	Off-statement of financial position arrangements	31
Equity	16
		Part 6 – Selected Quarterly Information	32
	17	Summary of historical quarterly results	32
Part 4 – Financial Performance Review on ProportionateInformation
Proportionate results for the three months ended March 31	18	Part 7 – Critical Estimates, Accounting Policies and InternalControls	33
Reconciliation of non-IFRS measures	22
Contract profile	25	Part 8 – Presentation to Stakeholders and PerformanceMeasurement	35
		Part 9 – Cautionary Statements	39
Brookfield Renewable Partners L.P.	Interim Report			March 31, 2020
			Page 10

PART 1 – Q1 2020 HIGHLIGHTS
THREE MONTHS ENDED MARCH 31(MILLIONS, EXCEPT AS NOTED)	2020	2019
Operational information
Capacity (MW)	19,272	17,438
Total generation (GWh)
Long-term average generation	14,151	13,493
Actual generation	14,264	14,125
Proportionate generation (GWh)
Long-term average generation	6,717	6,698
Actual generation	7,164	7,246
Average revenue ($ per MWh)	76	76
Selected financial information			(1)
Net income attributable to Unitholders				$	18				$	43
Basic income per LP Unit	0.06	0.14
Consolidated Adjusted EBITDA			(2)	618	652
Proportionate Adjusted EBITDA			(2)	391	395
Funds From Operations						(2)	217	227
Funds From Operations per Unit			(1)(2)	0.70	0.73
Distribution per LP Unit	0.54	0.52
(1)	For the three months ended March 31, 2020, weighted average LP Units, Redeemable/Exchangeable partnership units and GP interest totaled311.3 million (2019: 311.1 million).
(2)	Non-IFRS measures. For reconciliations to the most directly comparable IFRS measure, See “Part 4 – Financial Performance Review onProportionate Information – Reconciliation of non-IFRS measures” and “Part 9 – Cautionary Statements”.
(MILLIONS, EXCEPT AS NOTED)				March 31, 2020	December 31, 2019
Liquidity and Capital Resources
Available liquidity						(1)	$	3,009			$	2,695
Debt to capitalization – Corporate			(1)	18%	16%
Debt to capitalization – Consolidated			(1)	34%	32%
Borrowings non-recourse to Brookfield Renewable on a proportionate basis							(1)	78%	77%
Floating rate debt exposure on a proportionate basis								(1)(2)	5%	5%
Medium term notes						(1)
Average debt term to maturity				10 years	10 years
Average interest rate	4.1%	4.1%
Non-recourse borrowings on a proportionate basis Average debt term to maturity				10 years	10 years
Average interest rate	5.1%	5.1%
(1)	Available liquidity and medium term notes are adjusted to reflect the issuance of C$175 million of Series 11 ($124 million) and C$175 millionof Series 12 ($124 million) medium term notes on April 3, 2020.
(2)	Excludes 5% (2019: 7%) floating rate debt exposure of certain foreign regions outside of North America and Europe due to the high cost ofhedging associated with those regions, adjusted for the medium term notes issuance on April 3, 2020.
Brookfield Renewable Partners L.P.									Interim Report	March 31, 2020
		Page 11

Operations
We delivered Funds From Operations of $217 million or $0.70 on a per unit basis driven by:
•	Strong operational performance and above average resource
•	Higher realized prices as we benefited from our commercial and re-contracting initiatives;
•	Higher margins due to cost-reduction initiatives; and
•	Unfavorable foreign exchange movement due to the strengthening of the U.S. dollar
After deducting non-cash depreciation, net income attributable to Unitholders for the three months ended March 31, 2020was $18 million or $0.06 per LP Unit, compared to $43 million or $0.14 per LP Unit in the prior year.
Continued to focus on extending our contract profile as we completed the following:
•	In Colombia, we contracted 157 GWh/year, including individual contracts with up to ten years in duration
•	In Brazil, we entered into eight new contracts to deliver 155 GWh/year, including individual contracts with up tothree years in duration
Liquidity and Capital Resources
Further enhanced financial flexibility:
•	Liquidity position remains robust, with over $3 billion of total available liquidity, no material maturities over thenext five years and a strong investment grade balance sheet (BBB+)
•	Bolstered our liquidity and sourced diverse funding levers, by executing on $1.4 billion of investment gradefinancings and $94 million ($29 million net to Brookfield Renewable) of capital recycling initiatives:
	◦	Secured over $920 million from non-recourse financings during the quarter
	◦	Issued our inaugural green perpetual preferred units for $200 million at 5.25% in the U.S. market andsubsequent to quarter end, completed the issuance of approximately C$350 million of ten-year corporategreen bonds at approximately 3.5%
	◦	Completed the sale of our solar assets in Thailand for total proceeds of $94 million ($29 million net toBrookfield Renewable)
Growth and Development
We recently agreed to merge our subsidiary, Terraform Power, into Brookfield Renewable, on an all stock basis. The mergerwill simplify our structure, diversify our holdings, and strengthen our business in North America and Europe. It will increaseour public float of shares by approximately $1.5 billion and will facilitate the issuance of Brookfield Renewable Corporationshares which should help current shareholders who may prefer to hold a C-Corp share and potentially attract new shareholders.The transaction is subject to customary closing conditions, including the non-waivable approval of TERP shareholdersrepresenting a majority of the outstanding shares of TERP Class A common stock not owned by Brookfield Renewable andits affiliates.
Completed the commissioning of 184 MW of development projects (8 MW wind project in Europe, 170 MW solar projectsin North America, and 6 MW distributed generation solar capacity in China).
Continued to progress our development pipeline:
•	Continued to advance the construction of 831 MW of hydroelectric, wind, pumped storage and rooftop solardevelopment projects. These projects are expected to be commissioned between 2020 and 2022 and to generateannualized Funds From Operations net to Brookfield Renewable of $21 million.
Brookfield Renewable Partners L.P.			Interim Report	March 31, 2020
					Page 12

PART 2 – FINANCIAL PERFORMANCE REVIEW ONCONSOLIDATED INFORMATION
The following table reflects key financial data for the three months ended March 31:
(MILLIONS, EXCEPT AS NOTED)	2020	2019
Revenues			$	792			$	825
Direct operating costs	(261)	(254)
Management service costs	(31)	(21)
Interest expense	(162)	(173)
Share of (loss) earnings from equity-accounted investments	(16)	32
Foreign exchange and unrealized financial instrument gain (loss)	20	(18)
Depreciation	(206)	(200)
Income tax expense	(18)	(44)
Net income attributable to Unitholders			$	18			$	43
			Average FX rates to USD
C$	1.34	1.33
€	0.91	0.88
R$	4.46	3.77
£	0.78	0.77
COP	3,533	3,137
Variance Analysis For The Three Months Ended March 31, 2020
Revenues totaling $792 million represents a decrease of $33 million over the prior year. On a same store, constant currencybasis, revenues increased $20 million, primarily due to higher average realized revenue per MWh which benefited frominflation indexation, re-contracting initiatives and favorable generation mix. Recently acquired and commissioned facilitiescontributed 247 GWh and $17 million to revenues which was more than offset by recently completed asset sales that reducedrevenues by 211 GWh and $29 million to revenues.
The strengthening of the U.S. dollar relative to the prior period, primarily against the Brazilian reais and Colombian peso,reduced revenues by approximately $41 million, which was partially offset by a $30 million favorable foreign exchangeimpact on our operating, interest and depreciation expense for the quarter.
Direct operating costs totaling $261 million represents an increase of $7 million over the prior year due to cost-saving initiativesacross our business and the impact of foreign exchange movements noted above being more than offset by higher powerpurchases in Colombia, which are passed through to our customers, and additional costs due to growth from our recentlyacquired and commissioned facilities.
Management service costs totaling $31 million represents an increase of $10 million over the prior year due to the growth ofour business.
Interest expense totaling $162 million represents a decrease of $11 million over the prior year due to the benefit of recentrefinancing activities that reduced our average cost of borrowing and the foreign exchange movements noted above.
Share of loss from equity-accounted investments totaling $16 million compared to earnings from equity-accounted investmentstotaling $32 million in the prior year represents a decrease of $48 million driven by higher non-cash depreciation expenseand deferred tax expenses, as the prior year benefited from a deferred tax recovery relating to the recognition of operatingloss carryforwards.
Income tax expense of $18 million represents a decrease of $26 million due primarily to a decrease in net income beforeincome taxes due to the above noted items.
Net income attributable to Unitholders totaling $18 million represents a decrease of $25 million over the prior year due tothe above noted items.
Brookfield Renewable Partners L.P.					Interim Report	March 31, 2020
		Page 13

PART 3 – ADDITIONAL CONSOLIDATED FINANCIALINFORMATION
SUMMARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
The following table provides a summary of the key line items on the unaudited interim consolidated statements of financialposition:
(MILLIONS)	March 31, 2020	December 31, 2019
Assets held for sale	$		190	$		352
Current assets			1,564	1,474
Equity-accounted investments			1,791	1,889
Property, plant and equipment			27,873	30,714
Total assets			32,663	35,691
Liabilities directly associated with assets held for sale		95		137
Corporate borrowings			2,002	2,100
Non-recourse borrowings			8,269	8,904
Deferred income tax liabilities			4,095	4,537
Total liabilities and equity			32,663	35,691
			FX rates to USD
C$			1.41	1.30
€			0.91	0.89
R$			5.20	4.03
£			0.81	0.75
COP			4,065	3,277
Our balance sheet remains strong and reflects the stable nature of the business and our continued growth.
Assets held for sale
Assets held for sale totaled $190 million as at March 31, 2020 compared to $352 million as at December 31, 2019. The $162million decrease was primarily attributable to the completed sale of our solar portfolio in Thailand during the period. Theremaining assets held for sale at March 31, 2020 correspond to a 33 MW solar project in South Africa and 19 MW of solarprojects in Malaysia.
Property, plant and equipment
Property, plant and equipment totaled $27.9 billion as at March 31, 2020 compared to $30.7 billion as at December 31, 2019.The $2.8 billion decrease was primarily attributable to the impact of foreign exchange due to the strengthening of the U.S.dollar, which decreased property, plant and equipment by $2.7 billion and depreciation expense associated with property,plant and equipment of $206 million. The decrease was partially offset by the acquisition of 47 MW of operating solar capacityin India, 278 MW of development solar assets in Brazil and our continued investments in the development of our other powergenerating assets and sustaining capital expenditures, which increased property, plant and equipment by $97 million inaggregate.
Corporate borrowings
Corporate borrowings totaled $2.0 billion as at March 31, 2020 compared to $2.1 billion as at December 31, 2019. Thedecrease is primarily attributable to the foreign exchange impact of the strengthening United States dollar against the Canadiandollar.
Subsequent to quarter-end, we completed the issuance of C$350 million ($248 million) of ten-year corporate green bonds atapproximately 3.5%.
Brookfield Renewable Partners L.P.					Interim Report	March 31, 2020
				Page 14

RELATED PARTY TRANSACTIONS
Brookfield Renewable's related party transactions are in the normal course of business, and are recorded at the exchangeamount. Brookfield Renewable's related party transactions are primarily with Brookfield Asset Management.
Brookfield Renewable sells electricity to Brookfield through long-term power purchase agreements, or provides fixed priceguarantees to provide contracted cash flow and reduce Brookfield Renewable’s exposure to electricity prices in deregulatedpower markets.
In 2011, on formation of Brookfield Renewable, Brookfield transferred certain development projects to Brookfield Renewablefor no upfront consideration but is entitled to receive variable consideration on commercial operation or sale of these projects.
Brookfield Renewable has also entered into a number of voting agreements with Brookfield whereby Brookfield, as a managingmember of entities related to Brookfield Americas Infrastructure Fund, Brookfield Infrastructure Fund II, BrookfieldInfrastructure Fund III and Brookfield Infrastructure Fund IV, in which Brookfield Renewable holds investments in powergenerating operations with institutional partners, agreed to provide to Brookfield Renewable the authority to direct the electionof the Boards of Directors of such entities. As a result, Brookfield Renewable controls and consolidates such investments.
Brookfield Renewable participates with institutional investors in Brookfield Americas Infrastructure Fund, BrookfieldInfrastructure Fund II, Brookfield Infrastructure Fund III, Brookfield Infrastructure Fund IV and Brookfield InfrastructureDebt Fund (“Private Funds”), each of which is a Brookfield sponsored fund, and in connection therewith. BrookfieldRenewable, together with our institutional investors, has access to short-term financing using the Private Funds’ credit facilities.
Brookfield Asset Management has provided a $400 million committed unsecured revolving credit facility maturing inDecember 2020 and the interest rate applicable on the draws is LIBOR plus up to 1.8%. During the current period there wereno draws on the committed unsecured revolving credit facility provided by Brookfield Asset Management. Brookfield AssetManagement may from time to time place funds on deposit with Brookfield Renewable which are repayable on demandincluding any interest accrued. There were no funds placed on deposit with Brookfield Renewable in the first quarter of 2020(2019: $600 million, of which $245 million was repaid during the period). There was no interest expense on the BrookfieldAsset Management revolving credit facility or deposit for the three months ended March 31, 2020 (2019: $3 million).
The following table reflects the related party agreements and transactions in the unaudited interim consolidated statementsof income for the three months ended March 31, 2020:
(MILLIONS)	2020	2019
Revenues
Power purchase and revenue agreements			$	96			$	159
Wind levelization agreement—	1
			$	96			$	160
Direct operating costs
Energy purchases			$	—			$	(3)
Energy marketing fee—	(6)
Insurance services					(1)	(6)	(7)
			$	(6) $	(16)
Interest expense
Borrowings			$	—			$	(3)
Contract balance accretion	(4)	(2)
			$	(4) $	(5)
Management service costs			$	(31) $	(21)
(1)	Insurance services are paid to a subsidiary of Brookfield Asset Management that brokers external insurance providers on behalf of BrookfieldRenewable. The fees paid to the subsidiary of Brookfield Asset Management for the three months ended March 31, 2020 were less than $1million (2019: less than $1 million).
						.
Brookfield Renewable Partners L.P.							Interim Report	March 31, 2020
		Page 15

EQUITY
General partnership interest in a holding subsidiary held by Brookfield
Brookfield, as the owner of the 1% GP interest in BRELP, is entitled to regular distributions plus an incentive distributionbased on the amount by which quarterly LP Unit distributions exceed specified target levels. To the extent that LP Unitdistributions exceed $0.375 per LP Unit per quarter, the incentive is 15% of distributions above this threshold. To the extentthat LP Unit distributions exceed $0.4225 per LP Unit per quarter, the incentive distribution is equal to 25% of distributionsabove this threshold. Incentive distributions of $16 million were declared during the three months ended March 31, 2020(2019: $13 million).
Preferred limited partners' equity
During the first quarter of 2020, Brookfield Renewable issued 8,000,000 Class A Preferred Limited Partnership Units, Series17 (the “Series 17 Preferred Units”) at a price of $25 per unit for gross proceeds of $200 million. The holders of the Series17 Preferred Units are entitled to receive a cumulative quarterly fixed distribution yielding 5.25%.
The preferred limited partners’ equity units do not have a fixed maturity date and are not redeemable at the option of theholders. As at March 31, 2020, none of the preferred limited partners’ equity units have been redeemed by BrookfieldRenewable.
In July 2019, Brookfield Renewable commenced a normal course issuer bid in connection with the outstanding Class APreferred Limited Partnership Units. Under this normal course issuer bid, Brookfield Renewable is permitted to repurchaseup to 10% of the total public float for each respective series of its Class A Preference Units. Repurchases were authorized tocommence on July 9, 2019 and will terminate on July 8, 2020, or earlier should Brookfield Renewable complete its repurchasesprior to such date.
Limited partners' equity
Brookfield Asset Management owns, directly and indirectly 185,727,567 LP Units and Redeemable/Exchangeable partnershipunits, representing approximately 60% of Brookfield Renewable on a fully-exchanged basis and the remaining approximately40% is held by public investors.
During the three months ended March 31, 2020, Brookfield Renewable issued 39,178 LP Units (2019: 50,499 LP Units)under the distribution reinvestment plan at a total cost of $1 million (2019: $2 million).
In December 2019, Brookfield Renewable commenced a normal course issuer bid in connection with its LP Units. Underthis normal course issuer bid Brookfield Renewable is permitted to repurchase up to 8.9 million LP Units, representingapproximately 5% of the issued and outstanding LP Units, for capital management purposes. The bid will expire on December11, 2020, or earlier should Brookfield Renewable complete its repurchases prior to such date. There were no LP unitsrepurchased during the three months ended March 31, 2020 and 2019.
Brookfield Renewable Partners L.P.	Interim Report	March 31, 2020
			Page 16

PART 4 – FINANCIAL PERFORMANCE REVIEW ON PROPORTIONATEINFORMATION
SEGMENTED DISCLOSURES
Segmented information is prepared on the same basis that Brookfield Renewable's Chief Executive Officer and Chief Financial Officer (collectively, the chief operatingdecision maker or "CODM") manages the business, evaluates financial results, and makes key operating decisions. See "Part 8 – Presentation to Stakeholders and PerformanceMeasurement" for information on segments and an explanation on the calculation and relevance of proportionate information.
PROPORTIONATE RESULTS FOR THE THREE MONTHS ENDED MARCH 31
The following chart reflects the generation and summary financial figures on a proportionate basis for the three months ended March 31:
	(GWh)	(MILLIONS)
							Funds From
			Actual Generation	LTA Generation	Revenues	Adjusted EBITDA	Operations	Net Income (Loss)
			2020	2019			2020				2019	2020		2019	2020	2019			2020		2019	2020		2019
Hydroelectric
North America			3,722	3,849			3,233				3,300	$	265		$	262	$	198			$	195			$	156	$	152	$	76	$	67
Brazil			1,227	1,090			988				980	61		65	47	49			41		40	25		17
Colombia			709	765			798				798	60		62	36	38			25		26	23		20
			5,658	5,704			5,019				5,078	386		389	281	282			222		218	124		104
Wind
North America			831	850			944				960	60		63	48	48			29		29	(12)		4
Europe			221	274			253				308	22		28	13	20			11		17	(11)		11
Brazil			68	106			126				119	4		7			3	5		1			2	(3)	(3)
Asia			90	39			100				38	6		2			5	1		3			1	2	(1)
			1,210	1,269			1,423				1,425	92		100	69	74			44		49	(24)		11
Solar			240	199			275				195	49		38	36	32			18		18	(10)		9
Storage & Other			56	74			—				—	18		24			8	11		6			7	1	—
Corporate——————			(3)	(4)					(73)			(65)	(73)	(81)
Total			7,164	7,246			6,717				6,698	$	545		$	551	$	391			$	395			$	217	$	227	$	18	$	43
Brookfield Renewable Partners L.P.									Interim Report	March 31, 2020
											Page 17

HYDROELECTRIC OPERATIONS ON PROPORTIONATE BASIS
The following table presents our proportionate results for hydroelectric operations for the three months ended March 31:
	2020	2019
(MILLIONS, EXCEPT AS NOTED)
Generation (GWh) – LTA	5,019	5,078
Generation (GWh) – actual	5,658	5,704
Revenue			$	386			$	389
Other income	7	2
Direct operating costs	(112)	(109)
Adjusted EBITDA	281	282
Interest expense	(50)	(55)
Current income taxes	(9)	(9)
Funds From Operations			$	222			$	218
Depreciation	(84)	(82)
Deferred taxes and other	(14)	(32)
Net income			$	124			$	104
The following table presents our proportionate results by geography for hydroelectric operations for the three months endedMarch 31:
					Actual	Average
					Generation	revenue	AdjustedEBITDA	Funds From	Net
					(GWh)	per MWh	Operations	Income
(MILLIONS, EXCEPT AS NOTED)					2020	2019	2020		2019	2020		2019	2020	2019			2020	2019
North America
United States					3,064	3,080	$	70	$		67	$ 158		$ 149	$ 129	$ 118			$	68	$	52
Canada					658					769	75		75	40		46	27	34	8	15
					3,722	3,849	71		68	198		195	156	152			76	67
Brazil					1,227	1,090	50		59	47		49	41	40			25	17
Colombia					709					765	84		81	36		38	25	26			23	20
Total					5,658	5,704	$	68	$		68	$ 281		$ 282	$ 222	$ 218			$ 124	$ 104
North America
Funds From Operations at our North American business were $156 million versus $152 million in the prior year as webenefited from strong generation, both periods were above long-term average (15% and 17%, respectively), and strong averagerealized revenue per MWh, which benefited from inflation indexation and generation mix. Funds from Operations andgeneration were also impacted by the partial sale of a 25% interest in certain of our Canadian assets ($3 million and 64 GWh).
Net income attributable to Unitholders increased $9 million over the prior year primarily due to the above noted increase toFunds From Operations.
Brazil
Funds From Operations at our Brazilian business were $41 million versus $40 million in the prior year. On a local currencybasis, Funds From Operations increased by 21% due to stronger generation. Average realized prices were in line with prioryear as higher contracted pricing as a result of inflation indexation and re-contracting initiatives was offset by the impact oflower spot prices realized on volumes generated that were above long-term average levels. The increase was partially offsetby the weakening of the Brazilian reais versus the U.S. dollar
Net income attributable to Unitholders increased $8 million over the prior year driven by the above noted increase in FundsFrom Operations and lower depreciation expense due to the weakening of the Brazilian reais versus the U.S. dollar.
Brookfield Renewable Partners L.P.						Interim Report	March 31, 2020
		Page 18

Colombia
Funds From Operations at our Colombian business were $25 million versus $26 million in the prior year. On a local currencybasis, Funds From Operations increased 8% due to our cost-reduction initiatives and a 17% increase in average revenue perMWh as a result of inflation indexation, re-contracting initiatives and favorable market prices realized on our uncontractedvolumes, which were impacted by low system-wide hydrology (69% of long-term average). The increase was partially offsetby the weakening of the Colombian peso versus the U.S. dollar.
Net income attributable to Unitholders increased by $3 million over the prior year as the above noted decrease in Funds FromOperations was more than offset by unrealized foreign exchange hedging gains.
WIND OPERATIONS ON PROPORTIONATE BASIS
The following table presents our proportionate results for wind operations for the three months ended March 31:
(MILLIONS, EXCEPT AS NOTED)	2020	2019
Generation (GWh) – LTA	1,423	1,425
Generation (GWh) – actual	1,210	1,269
Revenue			$	92			$	100
Other income	2	2
Direct operating costs	(25)	(28)
Adjusted EBITDA	69	74
Interest expense	(24)	(24)
Current income taxes	(1)	(1)
Funds From Operations	44	49
Depreciation	(60)	(55)
Deferred taxes and other	(8)	17
Net (loss) income			$	(24) $	11
The following table presents our proportionate results by geography for wind operations for the three months ended March31:
					Actual	Average
					Generation	revenue	AdjustedEBITDA	Funds From	Net
					(GWh)	per MWh	Operations	Income (Loss)
(MILLIONS, EXCEPT AS NOTED)					2020	2019	2020		2019	2020		2019	2020	2019			2020	2019
North America
United States					492					522	$	60	$		63	$	22		$	22	$	10	$	9	$ (13) $	2
Canada					339					328	89		91	26		26	19	20			1	2
					831					850	72		74	48		48	29	29			(12)	4
Europe					221					274	100		104	13		20	11	17			(11)	11
Brazil					68					106	64		69	3	5	1	2			(3)	(3)
Asia					90					39	68		51	5	1	3	1			2	(1)
Total					1,210	1,269	$	76	$		80	$	69		$	74	$	44	$	49			$ (24) $	11
North America
Funds From Operations at our North American business were $29 million, consistent with prior year, as the benefits fromcost-reduction initiatives were offset by the impact of lower same store generation relative to prior year and lower averagerevenue per MWh due to generation mix.
Net loss attributable to Unitholders was $12 million versus net income of $4 million in the prior year primarily due to adeferred tax recovery that benefited the prior year relating to the recognition of operating loss carryforwards.
.
Brookfield Renewable Partners L.P.						Interim Report	March 31, 2020
		Page 19

Europe
Funds From Operations at our European business were $11 million versus $17 million in the prior year due to the sale of ourNorthern Ireland and Portuguese assets ($4 million and 53 GWh). On a same store basis, Funds From Operations decreasedby $2 million due to a commercial initiative that benefited the prior year and the timing of maintenance activities.
Net loss attributable to Unitholders was $11 million versus net income $11 million in the prior year primarily due to the abovenoted decrease in Funds From Operations and higher unrealized losses on interest rate hedges.
Brazil
Funds From Operations at our Brazilian business were $1 million versus $2 million in the prior year as a result of lowergeneration and the weakening of the Brazilian reais versus the U.S. dollar.
Net loss attributable to Unitholders of $3 million was consistent with the prior year.
Asia
Funds From Operations at our Asian business were $3 million versus $1 million in the prior year, due to the contributionfrom growth following the acquisition of a 210 MW wind facility in India and a 200 MW wind portfolio in China ($2 millionof Funds From Operations and 56 GWh of generation). On a same store basis, our assets continue to perform in line withplan and consistent with prior year.
Net income attributable to Unitholders was $2 million versus net loss of $1 million in the prior year due to the above notedincrease in Funds From Operations.
SOLAR OPERATIONS ON PROPORTIONATE BASIS
The following table presents our proportionate results for solar operations for the three months ended March 31:
(MILLIONS, EXCEPT AS NOTED)	2020	2019
Generation (GWh) – LTA	275	195
Generation (GWh) – actual	240	199
Revenue			$	49			$	38
Other income	1	1
Direct operating costs	(14)	(7)
Adjusted EBITDA	36	32
Interest expense	(17)	(14)
Current income taxes	(1)	—
Funds From Operations			$	18			$	18
Depreciation	(22)	(13)
Deferred taxes and other	(6)	4
Net (loss) income			$	(10) $	9
Funds From Operations at our solar business were $18 million, consistent with the prior year as the contribution from theacquisition of X-Elio and TerraForm Power's expansion of its distributed generation business ($2 million and 82 GWh) wereoffset by the sale of our non-core solar assets.
Net loss attributable to Unitholders at our solar business was $10 million versus net income of $9 million in the prior yeardue to higher depreciation expenses as a result of the growth in our portfolio and a deferred tax recovery that benefited theprior year relating to the recognition of operating loss carryforwards.
.
Brookfield Renewable Partners L.P.					Interim Report	March 31, 2020
		Page 20

STORAGE & OTHER OPERATIONS ON PROPORTIONATE BASIS
The following table presents our proportionate results for storage and other operations for the three months ended March 31:
	2020	2019
(MILLIONS, EXCEPT AS NOTED)
Generation (GWh) – actual	56	74
Revenue			$	18			$	24
Direct operating costs	(10)	(13)
Adjusted EBITDA	8	11
Interest expense	(2)	(4)
Other——
Funds From Operations			$	6			$	7
Depreciation	(5)	(6)
Deferred taxes and other—	(1)
Net income			$	1			$	—
Funds From Operations and net income attributable to unitholders at our storage & other businesses of $6 million and $1million, respectively, was in-line with prior year.
CORPORATE
The following table presents our results for corporate for the three months ended March 31:
(MILLIONS, EXCEPT AS NOTED)	2020	2019
Other income			$	2			$	2
Direct operating costs	(5)	(6)
Adjusted EBITDA	(3)	(4)
Management service costs	(31)	(21)
Interest expense	(20)	(24)
Distributions on Preferred LP Units and Shares	(19)	(16)
Funds From Operations			$	(73) $	(65)
Deferred taxes and other—	(16)
Net loss			$	(73) $	(81)
Management service costs totaling $31 million increased $10 million compared to the prior year due to the growth of ourbusiness.
Distributions attributable to Preferred LP Units and Shares increased $3 million compared to the prior year primarily due tothe $200 million Series 17 Preferred LP Units, completed in the first quarter of 2020.
Brookfield Renewable Partners L.P.					Interim Report	March 31, 2020
		Page 21

RECONCILIATION OF NON-IFRS MEASURES
The following table reflects Adjusted EBITDA, Funds From Operations and provides reconciliation to net income (loss) attributable to Unitholders for the three monthsended March 31, 2020:
	Attributable to Unitholders
		Contribution	Attributable		Hydroelectric	Wind
		from equity-	to non-	As per
		accounted	controlling	IFRS			Storage	North							North
		investments	interests	financials	(1)		Solar	& Other	Corporate	Total	(MILLIONS)									America	Brazil				Colombia	America	Europe									Brazil	Asia
Revenues					265						61				60	60	22									4	6	49	18						—	545	(95)										342	792
Other income					2						3				2	2	—									—	—	1	—		2	12	(2)											—	10
Direct operating costs					(69)	(17)						(26)	(14)									(9)	(1)	(1)	(14)	(10)		(5)	(166)	28											(123)	(261)
Share of Adjusted EBITDA from equity-
accounted investments———————————	69														8	77
Adjusted EBITDA					198						47				36	48	13									3	5	36	8		(3)	391	—											227
Management service costs—————————	(31)	(31)	—														—	(31)
Interest expense					(39)						(4)				(7)	(19)									(2)	(1)	(2)	(17)	(2)	(20)	(113)	27											(76)	(162)
Current income taxes					(3)						(2)				(4)	—	—									(1)	—	(1)	—						—	(11)	4										(12)	(19)
Distributions attributable to
Preferred limited partners equity—————————	(12)	(12)	—														—	(12)
Preferred equity—————————		(7)	(7)	—														—	(7)
Share of interest and cash taxes from equity- accounted investments———————————	(31)														(3)	(34)
Share of Funds From Operations attributable to non-controlling interests————————————														(136)	(136)
Funds From Operations					156						41				25	29	11									1	3	18	6	(73)	217	—											—
Depreciation					(58)	(20)										(6)	(42)	(12)									(4)	(2)	(22)	(5)		(1)	(172)	48											(82)	(206)
Foreign exchange and unrealized financial instruments gain (loss)					18						7				5	(2)	(11)									—	(1)	(5)	1	(13)	(1)	12											9	20
Deferred income tax recovery (expense)					(20)						1				(1)	(2)									1	—	—	(1)	—						16	(6)	5										2	1
Other					(20)						(4)				—	5	—									—	2	—	(1)		(2)	(20)	(6)											18	(8)
Share of earnings from equity-accounted
investments———————————	(59)														—	(59)
Net loss attributable to non-controlling interests————————————														53	53
Net income (loss) attributable to Unitholders																		(2)	76			25				23	(12)	(11)									(3)	2	(10)	1	(73)	18	—						—	18
(1)	Share of loss from equity-accounted investments of $16 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participatingnon-controlling interests – in operating subsidiaries of $83 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.
(2)	Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders,non-controlling interests, preferred limited partners equity and preferred equity.
Brookfield Renewable Partners L.P.	Interim Report																March 31, 2020
				Page 22

The following table reflects Adjusted EBITDA, Funds From Operations and provides reconciliation to net income (loss) for the three months attributable to Unitholdersended March 31, 2019:
	Attributable to Unitholders
		Contribution	Attributable
					Hydroelectric	Wind
		from equity-	to non-	As per
		accounted	controlling	IFRS			Storage	North							North
		investments	interests	financials	(1)		Solar	& Other	Corporate	Total	(MILLIONS)									America	Brazil				Colombia	America	Europe									Brazil	Asia
Revenues					262						65				62	63	28									7	2	38	24						—	551	(91)										365	825
Other income					1						1				—	2	—									—	—	1	—		2	7	(4)											5	8
Direct operating costs					(68)	(17)						(24)	(17)	(8)									(2)	(1)	(7)	(13)		(6)	(163)	29											(120)	(254)
Share of Adjusted EBITDA from equity-
accounted investments———————————	66														7	73
Adjusted EBITDA					195						49				38	48	20									5	1	32	11		(4)	395	—											257
Management service costs—————————	(21)	(21)	—														—	(21)
Interest expense					(41)						(6)				(8)	(19)	(3)									(2)	—	(14)	(4)	(24)	(121)	24											(76)	(173)
Current income taxes					(2)						(3)				(4)	—	—									(1)	—	—	—						—	(10)	1										(15)	(24)
Distributions attributable to
Preferred limited partners equity—————————	(10)	(10)	—														—	(10)
Preferred equity—————————		(6)	(6)	—														—	(6)
Share of interest and cash taxes from equity- accounted investments———————————	(25)														(4)	(29)
Share of Funds From Operations attributable to non-controlling interests————————————														(162)	(162)
Funds From Operations					152						40				26	29	17									2	1	18	7	(65)	227	—											—
Depreciation					(55)	(22)										(5)	(40)	(10)									(4)	(1)	(13)	(6)		(1)	(157)	33											(76)	(200)
Foreign exchange and unrealized financial instruments gain (loss)					2						(1)				—	—	(1)									(1)	—	—	(1)	(16)	(18)	1											(1)	(18)
Deferred income tax recovery (expense)					(17)						1				(2)	16									5	—	(1)	16	—		6	24	(35)											(9)	(20)
Other					(15)						(1)				1	(1)	—									—	—	(12)	—		(5)	(33)	13											18	(2)
Share of earnings from equity-accounted
investments———————————	(12)														—	(12)
Net loss attributable to non-controlling interests————————————														68	68
Net income (loss) attributable to Unitholders																		(2)	67			17				20	4	11									(3)	(1)	9	—	(81)	43	—						—	43
(1)	Share of earnings from equity-accounted investments of $32 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable toparticipating non-controlling interests – in operating subsidiaries of $94 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.
(2)	Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders,non-controlling interests, preferred limited partners equity and preferred equity.
Brookfield Renewable Partners L.P.	Interim Report																March 31, 2020
				Page 23

The following table reconciles the non-IFRS financial metrics to the most directly comparable IFRS measures. Net incomeattributable to Unitholders is reconciled to Funds From Operations and reconciled to Proportionate Adjusted EBITDA, andearnings per unit is reconciled to Funds From Operations per unit, for the three months ended March 31:
	Per unit
(MILLIONS, EXCEPT AS NOTED)		2020	2019	2020			2019
Net income attributable to:
Limited partners' equity					$	10				$	25			$	0.06	$	0.14
General partnership interest in a holding subsidiary held by
								Brookfield	—	—	—		—
Participating non-controlling interests – in a holding subsidiary –
								Redeemable/Exchangeable units held by Brookfield	8	18	—		—
Net income attributable to Unitholders					$	18				$	43			$	0.06	$	0.14
Adjusted for proportionate share of:
Depreciation		172	157	0.55			0.50
Foreign exchange and unrealized financial instruments loss		1	18	—			0.06
Deferred income tax expense (recovery)		6	(24)	0.02			(0.08)
Other		20	33	0.07			0.11
Funds From Operations					$	217				$	227			$	0.70	$	0.73
Distributions attributable to:
Preferred limited partners' equity		12	10
Preferred equity		7	6
Current income taxes		11	10
Interest expense		113	121
Management service costs		31	21
Proportionate Adjusted EBITDA		391	395
Attributable to non-controlling interests		227	257
Consolidated Adjusted EBITDA					$	618				$	652
Weighted average Units outstanding									(1)	311.3		311.1
(1)	Includes GP interest, Redeemable/Exchangeable partnership units, and LP Units.
Brookfield Renewable Partners L.P.										Interim Report	March 31, 2020
				Page 24

CONTRACT PROFILE
We operate the business on a largely contracted basis to provide a high degree of predictability in Funds From Operations.We maintain a long-term view that electricity prices and the demand for electricity from renewable sources will rise due toa growing level of acceptance around climate change, the legislated requirements in some areas to diversify away from fossilfuel based generation and because they are becoming increasingly cost competitive.
In Brazil and Colombia, we also expect power prices will continue to be supported by the need to build new supply over themedium-to-long term to serve growing demand. In these markets, contracting for power is the only current mechanism tobuy and sell power, and therefore we would expect to capture rising prices as we re-contract our power over the medium-term.
The following table sets out our contracts over the next five years for generation output in North America, Europe and certainother countries, assuming long-term average on a proportionate basis. The table excludes Brazil and Colombia, where wewould expect the energy associated with maturing contracts to be re-contracted in the normal course given the construct ofthe respective power markets. In these countries we currently have a contracted profile of approximately 90% and 70%,respectively, of the long-term average and we would expect to maintain this going forward. Overall, our portfolio has aweighted-average remaining contract duration of 14 years on a proportionate basis.
	Balance of
(GWh, except as noted)		2020	2021	2022	2023	2024
Hydroelectric
North America
							United States	(1)	6,712		6,443	4,446	4,446	4,446
							Canada		(1)	2,015		2,144	2,097	2,020	2,006
	8,727		8,587	6,543	6,466	6,452
Wind
North America
							United States	1,491		1,935	1,981	1,981	1,767
							Canada	920	1,266	1,266	1,266	1,266
	2,411		3,201	3,247	3,247	3,033
Europe		522	768	768	758	698
Asia							(2)	326	400	400	400	400
	3,259		4,369	4,415	4,405	4,131
Solar							(2)	1,063		1,370	1,364	1,362	1,356
Contracted on a proportionate basis	13,049		14,326	12,322	12,233	11,939
Uncontracted on a proportionate basis		687	4,269	6,271	6,360	6,652
	13,736		18,595	18,593	18,593	18,591
Contracted generation as a % of total
generation on a proportionate basis		95%	77%	66%	66%	64%
Price per MWh – total generation on a
proportionate basis	$	77								$	83					$	90	$	90	$	92
(1)	Includes generation of 2,685 GWh for 2020 and 1,284 GWh for 2021 secured under financial contracts.
Weighted-average remaining contract durations on a proportionate basis are 17 years in North America, 13 years in Europe,9 years in Brazil, 3 years in Colombia and 19 years across our remaining jurisdictions.
In North America, over the next five years, a number of contracts will expire at our hydroelectric facilities. Based on currentmarket prices for energy and ancillary products, we do not foresee a negative impact to cash flows from contracts expiringover the next five years.
In our Brazilian and Colombian portfolios, we continue to focus on securing long-term contracts while maintaining a certainpercentage of uncontracted generation to mitigate hydrology risk.
The majority of Brookfield Renewable’s long-term power purchase agreements within our North American and Europeanbusinesses are with investment-grade rated or creditworthy counterparties. The economic exposure of our contractedgeneration on a proportionate basis is distributed as follows: power authorities (36%), distribution companies (24%), industrialusers (21%) and Brookfield (19%).
Brookfield Renewable Partners L.P.	Interim Report												March 31, 2020
						Page 25

PART 5 – LIQUIDITY AND CAPITAL RESOURCES
CAPITALIZATION
A key element of our financing strategy is to raise the majority of our debt in the form of asset-specific, non-recourse borrowingsat our subsidiaries on an investment-grade basis. On a consolidated basis, almost 95% of our debt is either investment graderated or sized to investment grade and approximately 80% of debt is non-recourse.
The following table summarizes our capitalization:
				Corporate	Consolidated
(MILLIONS, EXCEPT AS NOTED)	March 31, 2020					December 31, 2019	March 31, 2020	December 31, 2019
Commercial paper and corporate credit facility								(1)(2)(3)	$			90		$		299	$	90	$	299
Debt
Medium term notes										(2)(4)	1,920				1,808	1,920	1,808
Non-recourse borrowings											(5)	—				—	8,324	8,964
				1,920					1,808	10,244	10,772
Deferred income tax liabilities, net												(6)	—				—	3,972	4,421
Equity
Non-controlling interest——	7,760	8,742
Preferred equity				551					597	551	597
Preferred limited partners' equity				1,028					833	1,028	833
Unitholders equity				7,018					7,959	7,018	7,959
Total capitalization	$	10,517					$			11,197	$	30,573	$	33,324
Debt to total capitalization				18%					16%	34%	32%
(1)	Draws on corporate credit facilities are excluded from the debt to total capitalization ratios as they are not a permanent source of capital.
(2)	Corporate credit facility and medium term notes as at March 31, 2020 are adjusted to reflect the issuance of C$175 million of Series 11 ($124million) and C$175 million of Series 12 ($124 million) medium term notes on April 3, 2020.

(3)	Our commercial paper program is supplemented by our $1.75 billion corporate credit facilities with a weighted average maturity of four years.As at March 31, 2020, $100 million of commercial papers are outstanding.
(4)	Medium term notes are unsecured and guaranteed by Brookfield Renewable and excludes $8 million (2019: $7 million) of deferred financingfees.
(5)	Consolidated non-recourse borrowings include $53 million (2019: $142 million) borrowed under a subscription facility of a Brookfieldsponsored private fund and excludes $55 million (2019: $60 million) of deferred financing fees, net of unamortized premiums.
(6)	Deferred income tax liabilities less deferred income assets.
AVAILABLE LIQUIDITY
The following table summarizes the available liquidity:
(MILLIONS, EXCEPT AS NOTED)							March 31, 2020	December 31, 2019
Brookfield Renewable's share of cash and cash equivalents							$	212	$	143
Investments in marketable securities					120	95
Corporate credit facilities
Authorized credit facilities											(1)	2,150	2,150
Draws on commercial paper and credit facilities								(2)	(90)	(299)
Authorized letter of credit facility					400	400
Issued letters of credit					(243)	(266)
Available portion of corporate credit facilities					2,217	1,985
Available portion of subsidiary credit facilities on a proportionate basis					460	472
Available group-wide liquidity							$	3,009	$	2,695
(1)	Amounts are guaranteed by Brookfield Renewable.
(2)	Draws on credit facilities include the offset of C$350 million ($248 million) of proceeds from the issuance of Series 11 and Series 12 mediumterm notes on April 3, 2020.

Brookfield Renewable Partners L.P.	Interim Report	March 31, 2020
			Page 26

We operate with sufficient liquidity to enable us to fund growth initiatives, capital expenditures, distributions and withstandsudden adverse changes in economic circumstances or short-term fluctuations in generation. We maintain a strong, investmentgrade balance sheet characterized by a conservative capital structure, access to multiple funding levers including a focus oncapital recycling on an opportunistic basis, and diverse sources of capital. Principal sources of liquidity are cash flows fromoperations, our credit facilities, up-financings on non-recourse borrowings and proceeds from the issuance of various securitiesthrough public markets.
BORROWINGS
The composition of debt obligations, overall maturity profile, and average interest rates associated with our borrowings andcredit facilities on a proportionate basis is presented in the following table:
	March 31, 2020			December 31, 2019
					Weighted-average	Weighted-average
					Interest		Term	Interest	Term
(MILLIONS EXCEPT AS NOTED)					rate (%)		(years)	Total	rate (%)			(years)	Total
Corporate borrowings
Medium term notes										(1)	4.1%			10	$	1,920	4.1%	10	$	1,808
Commercial paper and credit facilities											(3)	2.2%			4	90	2.9%	5	299
Proportionate subsidiary borrowings											(2)
Hydroelectric	5.5%						9	3,534	5.6%	10	3,727
Wind	4.6%						11	1,810	4.5%	10	1,742
Solar	4.9%						11	1,386	4.7%	10	1,470
Storage and other	5.4%						4	225	5.5%	5	235
	5.1%						10	6,955	5.1%	10	7,174
								8,965	9,281
Proportionate deferred financing fees, net of unamortized premiums								(41)	(46)
								8,924	9,235
Equity-accounted borrowings								(2,306)	(2,157)
Non-controlling interests								3,653	3,926
As per IFRS Statements								$ 10,271	$	11,004
(1)	Adjusted to reflect the issuance of Series 11 and Series 12 (C$350) medium term notes of $248 million that was completed on April 3, 2020and the use of proceeds to repay corporate credit facility indebtedness.
(2)	Excludes $9 million of proportionate debt associated with our portfolios that are classified as held for sale as at March 31, 2020 (2019: $11million).
(3)	Our commercial paper program is supplemented by our $1.75 billion corporate credit facilities with a weighted average maturity of 4 years.As at March 31, 2020, $100 million of commercial papers are outstanding.
Brookfield Renewable Partners L.P.	Interim Report	March 31, 2020
			Page 27

The following table summarizes our undiscounted principal repayments and scheduled amortization on a proportionate basisas at March 31, 2020:
	Balance of
(MILLIONS)		2020	2021	2022	2023	2024	Thereafter	Total
Debt Principal repayments	(1)
Medium term notes									(2)(3)	$	—						$	—			$	284			$	—			$	—	$	1,636	$	1,920
Non-recourse borrowings
													Credit facilities	—	—	61	50	18			—	129
													Hydroelectric	—	—	215	377	77	2,060	2,729
													Wind	—	—	—	105	—					395	500
													Solar	—	141	—	103	—					284	528
													Storage & other	—	57	—	—	—					152	209
		—	198	276	635	95	2,891	4,095
Amortizing debt principal repayments
Non-recourse borrowings
													Hydroelectric	44	50	64	53	61					466	738
													Wind	87	108	120	114	123					734	1,286
													Solar	56	51	55	55	58					545	820
													Storage & other	2	3	2	3	4			2	16
		189	212	241	225	246	1,747	2,860
Total	$	189								$	410						$	801			$	860			$	341	$	6,274		$	8,875
(1)	Draws on corporate credit facilities are excluded from the debt repayment schedule as they are not a permanent source of capital.
(2)	Medium term notes are unsecured and guaranteed by Brookfield Renewable and excludes $8 million (2019: $7 million) of deferred financingfees.
(3)	Adjusted to reflect the Series 11 and Series 12 medium term notes of $248 million that were issued on April 3, 2020.
We remain focused on refinancing near-term facilities on acceptable terms and maintaining a manageable maturity ladder.We do not anticipate material issues in refinancing our borrowings through 2024 on acceptable terms and will do soopportunistically based on the prevailing interest rate environment.
CONSOLIDATED STATEMENTS OF CASH FLOWS
The following table summarizes the key items in the unaudited interim consolidated statements of cash flows:
(MILLIONS)							2020	2019
Cash flow provided by (used in):
Operating activities						$	355					$	367
Financing activities							(131)	(284)
Investing activities							(29)	(79)
Foreign exchange loss on cash							(12)	—
Increase (decrease) in cash and cash equivalents						$	183					$	4
Operating Activities
Cash flows provided by operating activities totaled $355 million and $367 million for the three months ended March 31,2020 and 2019, respectively, reflecting the strong performance of our business during both periods.
Brookfield Renewable Partners L.P.			Interim Report									March 31, 2020
								Page 28

The net change in working capital balances shown in the unaudited interim consolidated statements of cash flows is comprisedof the following:
(MILLIONS)	2020	2019
Trade receivables and other current assets			$	(2) $	6
Accounts payable and accrued liabilities	(12)	(9)
Other assets and liabilities—	(27)
			$	(14) $	(30)
Financing Activities
Cash flows used in financing activities totaled $131 million for the three months ended March 31, 2020 as the proceeds raisedfrom our inaugural $200 million Series 17 Preferred Units in the United States were offset by repayments of borrowings,including affiliate credit facilities that were drawn to fund recent investments, and the distributions noted below.
For the three months ended March 31, 2020, distributions paid to LP Unitholders and Redeemable/Exchangeable Unitholderswere $182 million. We increased our distributions to $2.17 per LP Unit on an annualized basis, an increase of $0.11 or 5%per LP Unit, which took effect in the first quarter of 2020. The distributions paid to preferred shareholders and preferredlimited partners' unitholders totaled $18 million and distributions paid to non-controlling interests of our operating subsidiariestotaled $77 million.
Cash flows used in financing activities totaled $284 million for the three months ended March 31, 2019 as the proceeds raisedfrom the issuance of the C$175 million Series 15 Preferred Units ($126 million, net of transaction fees) and proceeds fromthe sale of a 25% interest in a select portfolio of Canadian hydroelectric assets were offset by repayments of borrowings,primarily our corporate credit facility, and the distributions noted below.
For the three months ended March 31, 2019, distributions paid to LP Unitholders and Redeemable/Exchangeable Unitholderswere $171 million. The distributions paid to preferred shareholders and preferred limited partners' unitholders totaled $15million and distributions paid to non-controlling interests of our operating subsidiaries totaled $134 million.
Investing Activities
Cash flows used in investing activities totaled $29 million for the three months ended March 31, 2020. During the quarter,we invested $63 million into growth, primarily driven by the acquisition of 47 MW of operating solar capacity in India, 278MW of development solar assets in Brazil and into the continued investments in the development of our other power generatingassets and sustaining capital expenditures. These activities were partially offset by the sale of our three solar facilities inThailand for proceeds of $94 million.
Cash flows used in investing activities totaled $79 million for the three months ended March 31, 2019. Our investments inthe development of power generating assets and sustaining capital expenditures totaled $29 million.
Brookfield Renewable Partners L.P.				Interim Report	March 31, 2020
		Page 29

SHARES AND UNITS OUTSTANDING
Shares and units outstanding are as follows:
	March 31, 2020	December 31, 2019
Class A Preference Shares			(1)	31,035,967	31,035,967
Preferred Units				(2)
Balance, beginning of year	44,885,496	37,885,496
Issuance	8,000,000				7,000,000
Balance, end of period/year	52,885,496	44,885,496
GP interest	2,651,506				2,651,506
Redeemable/Exchangeable partnership units	129,658,623	129,658,623
LP Units
Balance, beginning of year	178,977,800	178,821,204
Distribution reinvestment plan						39,178	176,596
Repurchase of LP Units for cancellation		—			(20,000)
Balance, end of period/year	179,016,978	178,977,800
Total LP Units on a fully-exchanged basis							(3)	308,675,601	308,636,423
(1)	Class A Preference Shares are broken down by series as follows: 5,449,675 Series 1 Class A Preference Shares are outstanding; 4,510,389Series 2 Class A Preference Shares are outstanding; 9,961,399 Series 3 Class A Preference Shares are outstanding; 4,114,504 Series 5 Class APreference Shares are outstanding; and 7,000,000 Series 6 Class A Preference Shares are outstanding.
(2)	Preferred Units are broken down by series and certain series are convertible on a one for one basis at the option of the holder as follows:2,885,496 Series 5 Preferred Units are outstanding; 7,000,000 Series 7 Preferred Units are outstanding (convertible for Series 8 Preferred Unitsbeginning on January 31, 2021); 8,000,000 Series 9 Preferred Units are outstanding (convertible for Series 10 Preferred Units beginning onJuly 31, 2021); 10,000,000 Series 11 Preferred Units are outstanding (convertible for Series 12 Preferred Units beginning on April 30, 2022);10,000,000 Series 13 Preferred Units are outstanding (convertible for Series 14 Preferred Units beginning on April 30, 2023); 7,000,000 Series15 Preferred Units are outstanding (convertible for Series 16 Preferred Units beginning on April 30, 2024); and 8,000,000 Series 17 PreferredUnits are outstanding.
(3)	The fully-exchanged amounts assume the exchange of all Redeemable/Exchangeable partnership units for LP Units.
DIVIDENDS AND DISTRIBUTIONS
Dividends and distributions declared and paid are as follows:
									Declared	Paid
(MILLIONS)									2020	2019	2020			2019
Class A Preference Shares										$	7	$			6	$	7	$	7
Class A Preferred LP Units										$	12	$	10			$	11	$	9
Participating non-controlling interests – in operating subsidiaries										$	77	$	134			$	77	$	134
GP interest and Incentive distributions										$	17	$	15			$	16	$	13
Redeemable/Exchangeable partnership units										$	72	$	68			$	70	$	67
LP Units										$	99	$	93			$	95	$	91
CONTRACTUAL OBLIGATIONS
Please see Note 17 – Commitments, contingencies and guarantees in the unaudited interim consolidated financial statements,for further details on the following:
												•	Commitments – Water, land, and dam usage agreements, and agreements and conditions on committedacquisitions of operating portfolios and development projects;
												•	Contingencies – Legal proceedings, arbitrations and actions arising in the normal course of business, andproviding for letters of credit; and
												•	Guarantees – Nature of all the indemnification undertakings.
Brookfield Renewable Partners L.P.								Interim Report	March 31, 2020
					Page 30

OFF-STATEMENT OF FINANCIAL POSITION ARRANGEMENTS
Brookfield Renewable does not have any off-statement of financial position arrangements that have or are reasonably likelyto have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses,results of operations, liquidity, capital expenditures or capital resources that are material to investors.
Brookfield Renewable issues letters of credit from its corporate credit facilities for general corporate purposes which include,but are not limited to, security deposits, performance bonds and guarantees for reserve accounts. As at March 31, 2020, lettersof credit issued amounted to $243 million (2019: $266 million).
Brookfield Renewable Partners L.P.	Interim Report	March 31, 2020
			Page 31

PART 6 – SELECTED QUARTERLY INFORMATION
SUMMARY OF HISTORICAL QUARTERLY RESULTS
The following is a summary of unaudited quarterly financial information for the last eight consecutive quarters on a consolidated basis:
					2020	2019	2018
(MILLIONS, EXCEPT AS NOTED)					Q1			Q4	Q3			Q2	Q1	Q4		Q3			Q2
Total Generation (GWh) – LTA					14,151			13,850			12,332	14,252	13,493	13,485		12,113			13,521
Total Generation (GWh) – actual					14,264			12,465			11,089	14,881	14,125	14,445		11,609			13,122
Proportionate Generation (GWh) – LTA					6,717			6,561	5,821			7,109	6,698	6,602		5,956			6,935
Proportionate Generation (GWh) – actual					7,164			5,977	5,213			7,602	7,246	7,052		5,552			6,455
Revenues					$	792			$	726			$	642	$		787	$	825	$				780	$	674	$	735
Net income (loss) attributable to Unitholders					18			(66)	(53)			17	43								91	(55)	(2)
Basic and diluted earnings (loss) per LP Unit					0.06			0.21	(0.17)			0.05	0.14	0.29		(0.18)			(0.01)
Consolidated Adjusted EBITDA					618			550	507			630	652								604	494	543
Proportionate Adjusted EBITDA					391			348	301			400	395								371	277	324
Funds From Operations					217			171	133			230	227								206	105	172
Funds From Operations per Unit					0.70			0.55	0.43			0.74	0.73	0.66		0.33			0.55
Distribution per LP Unit					0.543			0.515	0.515			0.515	0.515	0.490		0.490			0.490
	Brookfield Renewable Partners L.P.	Interim Report	March 31, 2020
				Page 32

PART 7 – CRITICAL ESTIMATES, ACCOUNTING POLICIESAND INTERNAL CONTROLS
CRITICAL ESTIMATES AND CRITICAL JUDGMENTS IN APPLYING ACCOUNTINGPOLICIES
The unaudited interim consolidated financial statements are prepared in accordance with IAS 34, which require the use ofestimates and judgments in reporting assets, liabilities, revenues, expenses and contingencies. In the judgment of management,none of the estimates outlined in Note 1 – Basis of preparation and significant accounting policies in our unaudited interimconsolidated financial statements are considered critical accounting estimates as defined in Canadian National Instrument51-102 – Continuous Disclosure Obligations with the exception of the estimates related to the valuation of property, plantand equipment and the related deferred income tax liabilities. These assumptions include estimates of future electricity prices,discount rates, expected long-term average generation, inflation rates, terminal year and operating and capital costs, theamount, the timing and the income tax rates of future income tax provisions. Estimates also include determination of accruals,purchase price allocations, useful lives, asset valuations, asset impairment testing, deferred tax liabilities, decommissioningretirement obligations and those relevant to the defined benefit pension and non-pension benefit plans. Estimates are basedon historical experience, current trends and various other assumptions that are believed to be reasonable under thecircumstances.
In making estimates, management relies on external information and observable conditions where possible, supplementedby internal analysis, as required. These estimates have been applied in a manner consistent with that in the prior year andthere are no known trends, commitments, events or uncertainties that we believe will materially affect the methodology orassumptions utilized in this report. These estimates are impacted by, among other things, future power prices, movements ininterest rates, foreign exchange volatility and other factors, some of which are highly uncertain, as described in the “RiskFactors” section in our 2019 Annual Report and the additional risk factors as identified below. The interrelated nature of thesefactors prevents us from quantifying the overall impact of these movements on Brookfield Renewable’s financial statementsin a meaningful way. These sources of estimation uncertainty relate in varying degrees to substantially all asset and liabilityaccount balances. Actual results could differ from those estimates.
Additional risk factors other than as described in the "Risk Factors" section of our 2019 Annual Report are as follows:
Risks Associated with the COVID-19 Pandemic
The rapid spread of the COVID-19 virus, which was declared by the World Health Organization to be a pandemic on March11, 2020, and actions taken globally in response to COVID-19, have significantly disrupted international business activities.In addition, our business relies, to a certain extent, on free movement of goods, services, and capital from around the world,which has been significantly restricted as a result of COVID-19. We have implemented a response plan to maintain operationsdespite the outbreak of the virus. However, we may experience direct or indirect impacts from the pandemics, includingdelays in development or construction activities in our business and we have some risk that our contract counterparties couldfail to meet their obligations to us.
Given the ongoing and dynamic nature of the circumstances surrounding COVID-19, it is difficult to predict how significantthe impact of COVID-19, including any responses to it, will be on the global economy and our business or for how long anydisruptions are likely to continue. The extent of such impact will depend on future developments, which are highly uncertain,rapidly evolving and difficult to predict, including new information which may emerge concerning the severity of COVID-19and additional actions which may be taken to contain COVID-19. Such developments could have an adverse effect on ourassets, liabilities, business, financial condition, results of operations and cash flow.
Despite these conditions and risks, our business is highly resilient given we are an owner, operator and investor in one of themost critical sectors in the world. We generate revenues that are predominantly backed by long-term contracts with welldiversified creditworthy counterparties. The majority of our assets are operated from centralized control centers and ouroperators around the world have implemented contingency plans to ensure operations, maintenance and capital programscontinue with little disruption. We have a robust balance sheet with strong investment grade rating, over $3 billion of availableliquidity and no material maturities over the next five years.
NEW ACCOUNTING STANDARDS
There have been no new changes to IFRS with an impact on Brookfield Renewable in 2020.
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FUTURE CHANGES IN ACCOUNTING POLICIES
There are currently no future changes to IFRS with potential impact on Brookfield Renewable.
INTERNAL CONTROL OVER FINANCIAL REPORTING
No changes were made in our internal control over financial reporting during the three months ended March 31, 2020, thathave materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. We havenot experienced any material impact to our internal control over financial reporting due to the COVID-19 pandemic. We arecontinually monitoring and assessing the COVID-19 pandemic on our internal controls to minimize the impact on their designand operating effectiveness.
SUBSEQUENT EVENTS
At the beginning of May, we exercised our option to buy out the lease on our 192 MW hydroelectric facility in Louisiana for$560 million ($420 million net to Brookfield Renewable). The transaction is expected to close in 2020.
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PART 8 – PRESENTATION TO STAKEHOLDERS ANDPERFORMANCE MEASUREMENT
PRESENTATION TO PUBLIC STAKEHOLDERS
Equity
Brookfield Renewable’s consolidated equity interests include the non-voting LP Units held by public LP Unitholders andBrookfield, Redeemable/Exchangeable Limited Partnership Units in BRELP, a holding subsidiary of Brookfield Renewable,held by Brookfield, and GP interest in BRELP held by Brookfield. The LP Units and the Redeemable/Exchangeable PartnershipUnits have the same economic attributes in all respects, except that the Redeemable/Exchangeable Partnership Units provideBrookfield the right to request that their units be redeemed for cash consideration. In the event that Brookfield exercises thisright, Brookfield Renewable has the right, at its sole discretion, to satisfy the redemption request with LP Units, rather thancash, on a one-for-one basis. Brookfield, as holder of Redeemable/Exchangeable Partnership Units, participates in earningsand distributions on a per unit basis equivalent to the per unit participation of the LP Units. As Brookfield Renewable, at itssole discretion, has the right to settle the obligation with LP Units, the Redeemable/Exchangeable Partnership Units areclassified under equity, and not as a liability.
Given the exchange feature referenced above, we are presenting LP Units, Redeemable/Exchangeable Partnership Units, andthe GP Interest as separate components of consolidated equity. This presentation does not impact the total income (loss), perunit or share information, or total consolidated equity.
As at the date of this report, Brookfield owns an approximate 60% LP Unit interest, on a fully-exchanged basis, and all generalpartnership interests in Brookfield Renewable, representing a 0.01% interest, while the remaining approximately 40% is heldby the public.
Actual and Long-term Average Generation
For assets acquired, disposed or reaching commercial operation during the year, reported generation is calculated from theacquisition, disposition or commercial operation date and is not annualized. As it relates to Colombia only, generation includesboth hydroelectric and cogeneration facilities. “Other” includes generation from North America cogeneration and Brazilbiomass.
North America hydroelectric long-term average is the expected average level of generation based on the results of a simulationbased on historical inflow data performed over a period of typically 30 years. Colombia hydroelectric long-term average isthe expected average level of generation based on the results of a simulation based on historical inflow data performed overa period of typically 20 years. Hydroelectric assets located in Brazil benefit from a market framework which levelizesgeneration risk across producers. Wind long-term average is the expected average level of generation based on the results ofsimulated historical wind speed data performed over a period of typically 10 years. Solar long-term average is the expectedaverage level of generation based on the results of a simulation using historical irradiance levels in the locations of our projectsfrom the last 14 to 20 years combined with actual generation data during the operational period.
We compare actual generation levels against the long-term average to highlight the impact of an important factor that affectsthe variability of our business results. In the short-term, we recognize that hydrology, wind and irradiance conditions willvary from one period to the next; over time however, we expect our facilities will continue to produce in line with their long-term averages, which have proven to be reliable indicators of performance.
Our risk of a generation shortfall in Brazil continues to be minimized by participation in a hydrological balancing pooladministered by the government of Brazil. This program mitigates hydrology risk by assuring that all participants receive, atany particular point in time, an assured energy amount, irrespective of the actual volume of energy generated. The programreallocates energy, transferring surplus energy from those who generated an excess to those who generate less than theirassured energy, up to the total generation within the pool. Periodically, low precipitation across the entire country’s systemcould result in a temporary reduction of generation available for sale. During these periods, we expect that a higher proportionof thermal generation would be needed to balance supply and demand in the country, potentially leading to higher overallspot market prices.
Generation from our North American pumped storage and cogeneration facilities is highly dependent on market priceconditions rather than the generating capacity of the facilities. Our European pumped storage facility generates on adispatchable basis when required by our contracts for ancillary services. Generation from our biomass facilities is dependent
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on the amount of sugar cane harvested in a given year. For these reasons, we do not consider a long-term average for thesefacilities.
Voting Agreements with Affiliates
Brookfield Renewable has entered into voting agreements with Brookfield, whereby Brookfield Renewable gained controlof the entities that own certain renewable power generating facilities in the United States, Brazil, Europe and Asia. BrookfieldRenewable has also entered into a voting agreement with its consortium partners in respect of the Colombian business. Thevoting agreements provide Brookfield Renewable the authority to direct the election of the Boards of Directors of the relevantentities, among other things, and therefore provide Brookfield Renewable with control. Accordingly, Brookfield Renewableconsolidates the accounts of these entities.
Brookfield Renewable has also entered into a voting agreement with Brookfield, whereby Brookfield Renewable gainedcertain rights in respect of the partnership that controls TerraForm Power and its subsidiaries. This voting agreement providesBrookfield Renewable the authority to direct the election of one member of the Board of Directors of the relevant entity,among other things, and therefore provides Brookfield Renewable with significant influence over the partnership that controlsTerraForm Power. Accordingly, Brookfield Renewable equity accounts for the partnership that controls TerraForm Power.
For entities previously controlled by Brookfield Asset Management, the voting agreements entered into do not representbusiness combinations in accordance with IFRS 3, as all combining businesses are ultimately controlled by Brookfield AssetManagement both before and after the transactions were completed. Brookfield Renewable accounts for these transactionsinvolving entities under common control in a manner similar to a pooling of interest, which requires the presentation of pre-voting agreement financial information as if the transactions had always been in place. Refer to Note 1(r)(ii) – Criticaljudgments in applying accounting policies - Common control transactions in our December 31, 2019 audited consolidatedfinancial statements for our policy on accounting for transactions under common control.
PERFORMANCE MEASUREMENT
Segment Information
Our operations are segmented by – 1) hydroelectric, 2) wind, 3) solar, 4) storage & other (cogeneration and biomass), and 5)corporate – with hydroelectric and wind further segmented by geography (i.e., North America, Colombia, Brazil, Europe andAsia). This best reflects the way in which the CODM reviews results, manages operations and allocates resources. TheColombia segment aggregates the financial results of its hydroelectric and cogeneration facilities. The Canada segmentincludes the financial results of our strategic investment in Transalta Corporation. The corporate segment represents all activityperformed above the individual segments for the business.
We report our results in accordance with these segments and present prior period segmented information in a consistentmanner. See Note 5 - Segmented information in our unaudited interim consolidated financial statements.
One of our primary business objectives is to generate stable and growing cash flows while minimizing risk for the benefit ofall stakeholders. We monitor our performance in this regard through three key metrics — i) Net Income (Loss), ii) AdjustedEarnings Before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), and iii) Funds From Operations.
It is important to highlight that Adjusted EBITDA and Funds From Operations do not have any standardized meaning prescribedby IFRS and therefore are unlikely to be comparable to similar measures presented by other companies and have limitationsas analytical tools. We provide additional information below on how we determine Adjusted EBITDA and Funds FromOperations. We also provide reconciliations to Net income (loss). See “Part 4 – Financial Performance Review on ProportionateInformation – Reconciliation of Non-IFRS Measures” and “Part 6 – Selected Quarterly Information – Reconciliation of Non-IFRS measures”.
Proportionate Information
Reporting to the CODM on the measures utilized to assess performance and allocate resources has been provided on aproportionate basis. Information on a proportionate basis reflects Brookfield Renewable’s share from facilities which itaccounts for using consolidation and the equity method whereby Brookfield Renewable either controls or exercises significantinfluence or joint control over the investment, respectively. Proportionate information provides a Unitholder perspective thatthe CODM considers important when performing internal analyses and making strategic and operating decisions. The CODMalso believes that providing proportionate information helps investors understand the impacts of decisions made bymanagement and financial results allocable to Unitholders.
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Proportionate financial information is not, and is not intended to be, presented in accordance with IFRS. Tables reconcilingIFRS data with data presented on a proportionate basis have been disclosed. Segment revenues, other income, direct operatingcosts, interest expense, depreciation, current and deferred income taxes, and other are items that will differ from resultspresented in accordance with IFRS as these items (1) include Brookfield Renewable’s proportionate share of earnings fromequity-accounted investments attributable to each of the above-noted items, and (2) exclude the proportionate share of earnings(loss) of consolidated investments not held by us apportioned to each of the above-noted items.
The presentation of proportionate results has limitations as an analytical tool, including the following:
•	The amounts shown on the individual line items were derived by applying our overall economic ownership interestpercentage and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses;and
•	Other companies may calculate proportionate results differently than we do.
Because of these limitations, our proportionate financial information should not be considered in isolation or as a substitutefor our financial statements as reported under IFRS.
Brookfield Renewable does not control those entities that have not been consolidated and as such, have been presented asequity-accounted investments in its financial statements. The presentation of the assets and liabilities and revenues andexpenses do not represent Brookfield Renewable’s legal claim to such items, and the removal of financial statement amountsthat are attributable to non-controlling interests does not extinguish Brookfield Renewable’s legal claims or exposures to suchitems.
Unless the context indicates or requires otherwise, information with respect to the MW attributable to Brookfield Renewable’sfacilities, including development assets, is presented on a consolidated basis, including with respect to facilities wherebyBrookfield Renewable either controls or jointly controls the applicable facility.
Net Income (Loss)
Net income (loss) is calculated in accordance with IFRS.
Net income (loss) is an important measure of profitability, in particular because it has a standardized meaning under IFRS.The presentation of net income (loss) on an IFRS basis for our business will often lead to the recognition of a loss even thoughthe underlying cash flows generated by the assets are supported by strong margins and stable, long-term power purchaseagreements. The primary reason for this is that accounting rules require us to recognize a significantly higher level ofdepreciation for our assets than we are required to reinvest in the business as sustaining capital expenditures.
Adjusted EBITDA
Adjusted EBITDA is a non-IFRS measure used by investors to analyze the operating performance of companies.
Brookfield Renewable uses Adjusted EBITDA to assess the performance of its operations before the effects of interest expense,income taxes, depreciation, management service costs, non-controlling interests, unrealized gain or loss on financialinstruments, non-cash gain or loss from equity-accounted investments, distributions to preferred limited partners and othertypical non-recurring items. Brookfield Renewable adjusts for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance.
Brookfield Renewable believes that presentation of this measure will enhance an investor’s ability to evaluate our financialand operating performance on an allocable basis to Unitholders.
Funds From Operations and Funds From Operations per Unit
Funds From Operations is a non-IFRS measure used by investors to analyze net earnings from operations without the effectsof certain volatile items that generally have no current financial impact or items not directly related to the performance ofthe business.
Brookfield Renewable uses Funds From Operations to assess the performance of the business before the effects of certaincash items (e.g. acquisition costs and other typical non-recurring cash items) and certain non-cash items (e.g. deferred incometaxes, depreciation, non-cash portion of non-controlling interests, unrealized gain or loss on financial instruments, non-cashgain or loss from equity-accounted investments, and other non-cash items) as these are not reflective of the performance ofthe underlying business. In our unaudited interim consolidated financial statements we use the revaluation approach inaccordance with IAS 16, Property, Plant and Equipment, whereby depreciation is determined based on a revalued amount,thereby reducing comparability with our peers who do not report under IFRS as issued by the IASB or who do not employ
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the revaluation approach to measuring property, plant and equipment. We add back deferred income taxes on the basis thatwe do not believe this item reflects the present value of the actual tax obligations that we expect to incur over our long-terminvestment horizon.
Brookfield Renewable believes that analysis and presentation of Funds From Operations on this basis will enhance an investor’sunderstanding of the performance of the business. Funds From Operations per Unit is not a substitute measure of performancefor earnings per share and does not represent amounts available for distribution to LP Unitholders.
Funds From Operations is not intended to be representative of cash provided by operating activities or results of operationsdetermined in accordance with IFRS. Furthermore, this measure is not used by the CODM to assess Brookfield Renewable’sliquidity.
Proportionate Debt
Proportionate debt is presented based on the proportionate share of borrowings obligations relating to the investments ofBrookfield Renewable in various portfolio businesses. The proportionate financial information is not, and is not intended tobe, presented in accordance with IFRS. Proportionate debt measures are provided because management believes it assistsinvestors and analysts in estimating the overall performance and understanding the leverage pertaining specifically toBrookfield Renewable's share of its invested capital in a given investment. When used in conjunction with proportionateAdjusted EBITDA, proportionate debt is expected to provide useful information as to how Brookfield Renewable has financedits businesses at the asset-level. Management believes that the proportionate presentation, when read in conjunction withBrookfield Renewable’ reported results under IFRS, including consolidated debt, provides a more meaningful assessment ofhow the operations of Brookfield Renewable are performing and capital is being managed. The presentation of proportionatedebt has limitations as an analytical tool, including the following:
•	Proportionate debt amounts do not represent the consolidated obligation for debt underlying a consolidatedinvestment. If an individual project does not generate sufficient cash flows to service the entire amount of its debtpayments, management may determine, in their discretion, to pay the shortfall through an equity injection to avoiddefaulting on the obligation. Such a shortfall may not be apparent from or may not equal the difference betweenaggregate proportionate Adjusted EBITDA for all of the portfolio investments of Brookfield Renewable andaggregate proportionate debt for all of the portfolio investments of Brookfield Renewable; and
•	Other companies may calculate proportionate debt differently.
Because of these limitations, the proportionate financial information of Brookfield Renewable should not be considered inisolation or as a substitute for the financial statements of Brookfield Renewable as reported under IFRS.
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PART 9 – CAUTIONARY STATEMENTS
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Interim Report contains forward-looking statements and information, within the meaning of Canadian securities lawsand “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section21E of the U.S. Securities Exchange Act of 1934, as amended, “safe harbor” provisions of the United States Private SecuritiesLitigation Reform Act of 1995 and in any applicable Canadian securities regulations, concerning the business and operationsof Brookfield Renewable. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts,projections, guidance or other statements that are not statements of fact. Forward-looking statements in this Interim Reportinclude statements regarding the quality of Brookfield Renewable’s assets and the resiliency of the cash flow they will generate,Brookfield Renewable’s anticipated financial performance, future commissioning of assets, contracted nature of our portfolio,technology diversification, acquisition opportunities, expected completion of acquisitions and dispositions, financing andrefinancing opportunities, the completion of the special distribution of BEPC shares, BEPC’s eligibility for index inclusion,BEPC’s ability to attract new investors as well as the future performance and prospects of BEPC and Brookfield Renewablefollowing the distribution of BEPC shares, the proposed TERP acquisition, the prospects and benefits of the combined company,including certain information regarding the combined company’s expected cash flow profile and liquidity,future energy pricesand demand for electricity, economic recovery, achieving long-term average generation, project development and capitalexpenditure costs, energy policies, economic growth, growth potential of the renewable asset class, the future growth prospectsand distribution profile of Brookfield Renewable and Brookfield Renewable’s access to capital. In some cases, forward lookingstatements can be identified by the use of words such as “plans”, “expects”, “scheduled”, “estimates”, “intends”,“anticipates”, “believes”, “potentially”, “tends”, “continue”, “attempts”, “likely”, “primarily”, “approximately”,“endeavours”, “pursues”, “strives”, “seeks”, “targets”, “believes”, or variations of such words and phrases, or statementsthat certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved.Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information in this Interim Report are based upon reasonable assumptions and expectations, wecannot assure you that such expectations will prove to have been correct. You should not place undue reliance on forwardlooking statements and information as such statements and information involve known and unknown risks, uncertainties andother factors which may cause our actual results, performance or achievements to differ materially from anticipated futureresults, performance or achievement expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statementsinclude, but are not limited to changes to hydrology at our hydroelectric facilities, to wind conditions at our wind energyfacilities, to irradiance at our solar facilities or to weather generally, as a result of climate change or otherwise, at any ofour facilities; volatility in supply and demand in the energy markets; our inability to re-negotiate or replace expiring PPAson similar terms; increases in water rental costs (or similar fees) or changes to the regulation of water supply; advances intechnology that impair or eliminate the competitive advantage of our projects; an increase in the amount of uncontractedgeneration in our portfolio; industry risks relating to the power markets in which we operate; the termination of, or a changeto, the MRE balancing pool in Brazil; increased regulation of our operations; concessions and licenses expiring and notbeing renewed or replaced on similar terms; our real property rights for wind and solar renewable energy facilities beingadversely affected by the rights of lienholders and leaseholders that are superior to those granted to us; increases in the costof operating our plants; our failure to comply with conditions in, or our inability to maintain, governmental permits; equipmentfailures, including relating to wind turbines and solar panels; dam failures and the costs and potential liabilities associatedwith such failures; force majeure events; uninsurable losses and higher insurance premiums; adverse changes in currencyexchange rates and our inability to effectively manage foreign currency exposure; availability and access to interconnectionfacilities and transmission systems; health, safety, security and environmental risks; energy marketing risks; disputes,governmental and regulatory investigations and litigation; counterparties to our contracts not fulfilling their obligations;the time and expense of enforcing contracts against non-performing counter-parties and the uncertainty of success; ouroperations being affected by local communities; fraud, bribery, corruption, other illegal acts or inadequate or failed internalprocesses or systems; some of our acquisitions may be of distressed companies, which may subject us to increased risks,including the incurrence of legal or other expenses; our reliance on computerized business systems, which could expose usto cyber-attacks; newly developed technologies in which we invest not performing as anticipated; labor disruptions andeconomically unfavorable collective bargaining agreements; our inability to finance our operations due to the status of thecapital markets; the fact that there can be no assurance that the stock exchanges on which BEPC has applied to list the BEPCshares will approve the listing of such shares; operating and financial restrictions imposed on us by our loan, debt and securityagreements; changes to our credit ratings; our inability to identify sufficient investment opportunities and completetransactions, including the proposed TERP acquisition; uncertainties as to whether TERP’s stockholders not affiliated with
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Brookfield Renewable will approve any transaction; uncertainties as to whether the other conditions to the TERP acquisitionwill be satisfied or satisfied on the anticipated schedule; the growth of our portfolio and our inability to realize the expectedbenefits of our transactions or acquisitions, including the proposed TERP acquisition and the proposed special distributionof BEPC shares; our inability to develop greenfield projects or find new sites suitable for the development of greenfieldprojects; delays, cost overruns and other problems associated with the construction and operation of generating facilitiesand risks associated with the arrangements we enter into with communities and joint venture partners; Brookfield AssetManagement’s election not to source acquisition opportunities for us and our lack of access to all renewable power acquisitionsthat Brookfield Asset Management identifies, including by reason of conflicts of interest; we do not have control over all ouroperations or investments; political instability or changes in government policy; foreign laws or regulation to which webecome subject as a result of future acquisitions in new markets; changes to government policies that provide incentives forrenewable energy; a decline in the value of our investments in securities, including publicly traded securities of othercompanies; we are not subject to the same disclosure requirements as a U.S. domestic issuer; the separation of economicinterest from control within our organizational structure; future sales and issuances of our LP Units, preferred limitedpartnership units or securities exchangeable for LP Units, or the perception of such sales or issuances, could depress thetrading price of the LP Units or preferred limited partnership units; the incurrence of debt at multiple levels within ourorganizational structure; being deemed an “investment company” under the U.S. Investment Company Act of 1940; theeffectiveness of our internal controls over financial reporting; our dependence on Brookfield Asset Management and BrookfieldAsset Management’s significant influence over us; the departure of some or all of Brookfield Asset Management’s keyprofessionals; changes in how Brookfield Asset Management elects to hold its ownership interests in Brookfield Renewable;Brookfield Asset Management acting in a way that is not in the best interests of Brookfield Renewable or its unitholders; andthe severity, duration and spread of the COVID-19 outbreak, as well as the direct and indirect impacts that the virus mayhave.
We caution that the foregoing list of important factors that may affect future results is not exhaustive. The forward-lookingstatements represent our views as of the date of this Interim Report and should not be relied upon as representing our viewsas of any subsequent date. While we anticipate that subsequent events and developments may cause our views to change, wedisclaim any obligation to update the forward-looking statements, other than as required by applicable law. For furtherinformation on these known and unknown risks, please see “Risk Factors” included in our Form 20-F.
CAUTIONARY STATEMENT REGARDING USE OF NON-IFRS MEASURES
This Interim Report contains references to certain proportionate information, Adjusted EBITDA, Funds From Operations,Funds From Operations per Unit and Proportionate Debt (collectively, “Brookfield Renewable’s Non-IFRS Measures”) whichare not generally accepted accounting measures under IFRS and therefore may differ from definitions of proportionateinformation, Adjusted EBITDA, Funds From Operations, Funds From Operations per Unit, and Proportionate Debt usedby other entities. In particular, our definition of Funds From Operations may differ from the definition of funds from operationsused by other organizations, as well as the definition of funds from operations used by the Real Property Association ofCanada and the National Association of Real Estate Investment Trusts, Inc. (“NAREIT”), in part because the NAREITdefinition is based on U.S. GAAP, as opposed to IFRS. We believe that Brookfield Renewable’s Non-IFRS Measures are usefulsupplemental measures that may assist investors in assessing our financial performance. Brookfield Renewable’s Non-IFRSMeasures should not be considered as the sole measure of our performance and should not be considered in isolation from,or as a substitute for, analysis of our financial statements prepared in accordance with IFRS. These non-IFRS measures reflecthow we manage our business and, in our opinion, enable the reader to better understand our business.
A reconciliation of Adjusted EBITDA and Funds From Operations to net income is presented in our Management’s Discussionand Analysis. We have also provided a reconciliation of Adjusted EBITDA and Funds From Operations to net income in Note5 – Segmented information in the unaudited interim consolidated financial statements.
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BROOKFIELD RENEWABLE PARTNERS L.P.CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
UNAUDITED
			March 31, 2020	December 31, 2019
(MILLIONS)
AssetsCurrent assets
Cash and cash equivalents			13	$	$	115
Restricted cash			14		219	154
Trade receivables and other current assets			15		645	718
Financial instrument assets			4		126	75
Due from related parties			18		90	60
Assets held for sale			3		190	352
					1,564	1,474
Financial instrument assets			4		188	165
Equity-accounted investments			12		1,791	1,889
Property, plant and equipment			7		27,873	30,714
Goodwill					662	821
Deferred income tax assets			6		123	116
Other long-term assets					462	512
Total Assets				$	$	35,691
LiabilitiesCurrent liabilities
Accounts payable and accrued liabilities			16	$	$	590
Financial instrument liabilities			4		142	139
Payables due to related parties			18		142	127
Corporate borrowings			8		100	—
Non-recourse borrowings			8		580	685
Liabilities directly associated with assets held for sale			3		95	137
					1,589	1,678
Financial instrument liabilities			4		54	39
Corporate borrowings			8		1,902	2,100
Non-recourse borrowings			8		7,689	8,219
Deferred income tax liabilities			6		4,095	4,537
Other long-term liabilities					977	987
Equity
Non-controlling interests
Participating non-controlling interests – in operating subsidiaries			9		7,760	8,742
General partnership interest in a holding subsidiary held by Brookfield			9		60	68
Participating non-controlling interests – in a holding subsidiary –
Redeemable/Exchangeable units held by Brookfield			9		2,923	3,315
Preferred equity			9		551	597
Preferred limited partners' equity			10		1,028	833
Limited partners' equity			11		4,035	4,576
Total Equity					16,357	18,131
Total Liabilities and Equity				$	$	35,691
The accompanying notes are an integral part of these interim consolidated financial statements.
Approved on behalf of Brookfield Renewable Partners L.P.:
Patricia ZuccottiDirectorDavid MannDirector
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BROOKFIELD RENEWABLE PARTNERS L.P.
CONSOLIDATED STATEMENTS OF INCOME
UNAUDITED
THREE MONTHS ENDED MARCH 31
	2020	2019
(MILLIONS, EXCEPT PER UNIT INFORMATION)
Revenues	18			$	792			$	825
Other income		10	8
Direct operating costs		(261)	(254)
Management service costs	(31)	(21)
Interest expense	(162)	(173)
Share of (loss) earnings from equity-accounted investments	(16)	32
Foreign exchange and unrealized financial instrument gain (loss)	20	(18)
Depreciation	(206)	(200)
Other		(8)	(2)
Income tax expense
Current	(19)	(24)
Deferred	1	(20)
		(18)	(44)
Net income				$	120			$	153
Net income attributable to:
Non-controlling interests
						Participating non-controlling interests – in operating subsidiaries	9			$	83	$	94
						General partnership interest in a holding subsidiary held by Brookfield	—	—
						Participating non-controlling interests – in a holding subsidiary – Redeemable/
						Exchangeable units held by Brookfield	8	18
						Preferred equity	7	6
Preferred limited partners' equity	12	10
Limited partners' equity	10	25
				$	120			$	153
Basic and diluted earnings per LP Unit				$	0.06			$	0.14
The accompanying notes are an integral part of these interim consolidated financial statements.
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			Page 42

BROOKFIELD RENEWABLE PARTNERS L.P.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
UNAUDITED
THREE MONTHS ENDED MARCH 31
	2020	2019
(MILLIONS)
Net income				$	120			$	153
Other comprehensive (loss) income that will not be reclassified to net income
						2	(5)
Total items that will not be reclassified to net income		2	(5)
Other comprehensive (loss) income that may be reclassified to net income
						(1,786)	126
						Gains (losses) arising during the period on financial instruments designated as
						cash-flow hedges	18	(3)
						Unrealized gain (loss) on foreign exchange swaps net investment hedge	29	(7)
						Unrealized (loss) gain on investments in equity securities	(9)	26
						Reclassification adjustments for amounts recognized in net income	(19)	4
						—	(1)
						Equity-accounted investments	(23)	9
Total items that may be reclassified subsequently to net income		(1,790)	154
Other comprehensive (loss) income		(1,788)	149
Comprehensive (loss) income				(1,668) $	302
Comprehensive (loss) income attributable to:
Non-controlling interests
						Participating non-controlling interests – in operating subsidiaries	(897)	177
						General partnership interest in a holding subsidiary held by Brookfield	(6)	1
						Participating non-controlling interests – in a holding subsidiary – Redeemable/
						Exchangeable units held by Brookfield	(310)	40
						Preferred equity	(39)	19
Preferred limited partners' equity	12	10
Limited partners' equity	11			(428) $	55
		(1,668)	302
The accompanying notes are an integral part of these interim consolidated financial statements.
Brookfield Renewable Partners L.P.							Interim Report	March 31, 2020
			Page 43

BROOKFIELD RENEWABLE PARTNERS L.P.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
	Accumulated other comprehensive income	Non-controlling interests
													Participating
													non-controlling
												General	interests – in a
		Participating										partnership	holding
						Actuarial	non-										interest in	subsidiary –
						losses on			Total	Preferred	controlling										a holding	Redeemable/
UNAUDITEDTHREE MONTHS ENDED MARCH 31(MILLIONS)			Limited	Foreign		defined	Cash	Investments	limited	limited	interests – in										subsidiary	Exchangeable
			partners'	currency	Revaluation					benefit	flow	in equity	partners'	partners'	Preferred	operating										held by	units held by	Total
			equity	translation	surplus	plans	hedges	securities	equity	equity	equity	subsidiaries										Brookfield	Brookfield	equity
Balance, as at December 31, 2019			$	(1,119)	$	(700)	$				6,424	$									(9)	$	(32)	$								12	$	4,576	$	833	$	597	$	8,742								$	68	$	3,315	$	18,131
Net income			10	—				—	—	—									—	10	12								7	83										—				8	120
Other comprehensive income (loss)—	(428)				—		1	(6)									(5)	(438)	—	(46)	(980)										(6)					(318)	(1,788)
Preferred LP Units issued (Note 10)			—	—				—	—	—									—	—	195	—	—										—					—	195
Capital contributions (Note 9)			—	—				—	—	—									—	—	—	—								8	—					—	8
Distributions or dividends declared			(99)	—				—	—	—									—	(99)	(12)								(7)	(77)										(17)				(72)	(284)
Distribution reinvestment plan			1	—				—	—	—									—	1	—	—	—										—					—	1
Other			9	(2)				(11)	—	—									(11)	(15)	—	—	(16)										15					(10)	(26)
Change in period			(79)	(430)				(11)		1	(6)									(16)	(541)	195	(46)	(982)										(8)					(392)	(1,774)
Balance as at March 31, 2020			$	(1,198)	$	(1,130)	$				6,413	$									(8)	$	(38)	$								(4)	$	4,035	$	1,028	$	551	$	7,760								$	60	$	2,923	$	16,357
Balance, as at December 31, 2018			$	(948)	$	(652)	$				6,120	$									(6)	$	(34)	$								4	$	4,484	$	707	$	568	$	8,129								$	66	$	3,252	17,206
Net income			25	—				—	—	—									—	25	10								6	94										—				18	153
Other comprehensive income (loss)—	20				—										(2)	(2)									14	30	—	13	83										1				22	149
Preferred LP Units Issued			—	—				—	—	—									—	—	126	—	—										—					—	126
LP Units purchased for cancellation			(1)	—				—	—	—									—	(1)	—	—	—										—					—	(1)
Capital contributions—————————	288										—					—	288
Distributions or dividends declared			(93)	—				—	—	—									—	(93)	(10)								(6)	(134)										(15)				(68)	(326)
Distribution reinvestment plan			2	—				—	—	—									—	2	—	—	—										—					—	2
Other			205	(12)				(199)		1	—									—	(5)	—								(1)	(4)										14				(3)	1
Change in period			138	8				(199)										(1)	(2)									14	(42)	126	12	327										—				(31)	392
Balance as at March 31, 2019			$	(810)	$	(644)	$				5,921	$									(7)	$	(36)	$								18	$	4,442	$	833	$	580	$	8,456								$	66	$	3,221	$	17,598
The accompanying notes are an integral part of these interim consolidated financial statements.
Brookfield Renewable Partners L.P.							Interim Report										March 31, 2020
														Page 44

BROOKFIELD RENEWABLE PARTNERS L.P.CONSOLIDATED STATEMENTS OF CASH FLOWS
UNAUDITEDTHREE MONTHS ENDED MARCH 31
(MILLIONS)Notes	2020	2019
Operating activitiesNet income
				$	120			$	153
Adjustments for the following non-cash items:
Depreciation	7	206	200
Unrealized foreign exchange and financial instruments (gain) loss	4	(21)	20
Share of earnings from equity-accounted investments	12	16	(32)
Deferred income tax expense	6	(1)	20
Other non-cash items		22	17
Dividends received from equity-accounted investments	12	28	14
Changes in due to or from related parties		(1)	5
Net change in working capital balances		(14)	(30)
		355	367
Financing activitiesCommercial paper and corporate credit facilities, net
	8	39	(696)
Proceeds from non-recourse borrowings	8	216	93
Repayment of non-recourse borrowings	8	(311)	(88)
Capital contributions from participating non-controlling interests – in operating
subsidiaries	9	7	247
Issuance of preferred limited partnership units	10	195	126
Repurchase of LP Units	11	—	(1)
Distributions paid:
To participating non-controlling interests – in operating subsidiaries	9	(77)	(134)
To preferred shareholders	9	(7)	(6)
To preferred limited partners' unitholders	10	(11)	(9)
To unitholders of Brookfield Renewable or BRELP	10, 12	(182)	(171)
Borrowings from related party	18	—	600
Repayments to related party	18	—	(245)
		(131)	(284)
Investing activitiesInvestment in equity-accounted investments
		(12)	—
Investment in property, plant and equipment	7	(53)	(29)
Proceeds from disposal of assets	2	94	—
Disposal of securities	4	2	5
Restricted cash and other		(60)	(55)
		(29)	(79)
Foreign exchange loss on cash		(12)	—
Cash and cash equivalents
Increase		183	4
Net change in cash classified within assets held for sale		(4)	—
Balance, beginning of period		115	173
Balance, end of period				$	294			$	177
Supplemental cash flow information:
Interest paid				$	150			$	143
Interest received				$	6			$	4
Income taxes paid				$	21			$	19
The accompanying notes are an integral part of these interim consolidated financial statements	.
Brookfield Renewable Partners L.P.						Interim Report	March 31, 2020
			Page 45

BROOKFIELD RENEWABLE PARTNERS L.P.
NOTES TO THE UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
The business activities of Brookfield Renewable PartnersL.P. ("Brookfield Renewable") consist of owning aportfolio of renewable power generating facilitiesprimarily in North America, Colombia, Brazil, Europe,India and China.				Notes to consolidated financial statements	Page
				GENERAL APPLICATION
				1.	Basis of preparation and significantaccounting policies	47
				2.	Disposal of assets	48
Unless the context indicates or requires otherwise, the term"Brookfield Renewable" means Brookfield RenewablePartners L.P. and its controlled entities.				3.	Assets held for sale	48
				4.	Risk management and financial instruments	49
				5.	Segmented information	52
Brookfield Renewable is a publicly traded limitedpartnership established under the laws of Bermudapursuant to an amended and restated limited partnershipagreement dated November 20, 2011.
				CONSOLIDATED RESULTS OF OPERATIONS
				6.	Income taxes	56
				CONSOLIDATED FINANCIAL POSITION
The registered office of Brookfield Renewable is 73 FrontStreet, Fifth Floor, Hamilton HM12, Bermuda.
				7.	Property, plant and equipment	56
				8.	Borrowings	57
The immediate parent of Brookfield Renewable is itsgeneral partner, Brookfield Renewable Partners Limited("BRPL"). The ultimate parent of Brookfield Renewableis Brookfield Asset Management Inc. ("Brookfield AssetManagement"). Brookfield Asset Management and itssubsidiaries, other than Brookfield Renewable, are alsoindividually and collectively referred to as "Brookfield"in these financial statements.
				9.	Non-controlling interests	59
				10.	Preferred limited partners' equity	62
				11.	Limited partners' equity	62
				12.	Equity-accounted investments	63
				13.	Cash and cash equivalents	64
				14.	Restricted cash	64
				15.	Trade receivables and other current assets	64
				16.	Accounts payable and accrued liabilities	64
Brookfield Renewable's non-voting limited partnershipunits ("LP Units") are traded under the symbol "BEP" onthe New York Stock Exchange and under the symbol"BEP.UN" on the Toronto Stock Exchange. BrookfieldRenewable's Class A Series 5, Series 7, Series 9, Series11, Series 13, and Series 15 preferred limited partners'equity are traded under the symbols "BEP.PR.E","BEP.PR.G", "BEP.PR.I", "BEP.PR.K", "BEP.PR.M" and"BEP.PR.O" respectively, on the Toronto Stock Exchange.Brookfield Renewable's Class A Series 17 preferredlimited partners' equity is traded under the symbol"BEP.PR.A" on the New York Stock Exchange.				17.	Commitments, contingencies andguarantees	65
				OTHER
				18.	Related party transactions	66
				19.	Subsidiary public issuers	67
				20.	Subsequent events	68
Brookfield Renewable Partners L.P.	Interim Report	March 31, 2020
			Page 46

1. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
(a) Statement of compliance
The interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting.
Certain information and footnote disclosures normally included in the annual audited consolidated financial statementsprepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International AccountingStandards Board (“IASB”), have been omitted or condensed. These interim consolidated financial statements should be readin conjunction with Brookfield Renewable’s December 31, 2019 audited consolidated financial statements. The interimconsolidated statements have been prepared on a basis consistent with the accounting policies disclosed in the December 31,2019 audited consolidated financial statements.
The interim consolidated financial statements are unaudited and reflect adjustments (consisting of normal recurringadjustments) that are, in the opinion of management, necessary to provide a fair statement of results for the interim periodsin accordance with IFRS.
The results reported in these interim consolidated financial statements should not be regarded as necessarily indicative ofresults that may be expected for an entire year. The policies set out below are consistently applied to all periods presented,unless otherwise noted.
These consolidated financial statements have been authorized for issuance by the Board of Directors of Brookfield Renewable’sgeneral partner, BRPL, on May 6, 2020.
Certain comparative figures have been reclassified to conform to the current year’s presentation.
References to $, C$, €, R$, COP, INR, and THB are to United States (“U.S.”) dollars, Canadian dollars, Euros, Brazilianreais, Colombian pesos, Indian Rupees, and Thai baht, respectively.
All figures are presented in millions of U.S. dollars unless otherwise noted.
(b) Basis of preparation
The interim consolidated financial statements have been prepared on the basis of historical cost, except for the revaluationof property, plant and equipment and certain assets and liabilities which have been measured at fair value. Cost is recordedbased on the fair value of the consideration given in exchange for assets.
Consolidation
These interim consolidated financial statements include the accounts of Brookfield Renewable and its subsidiaries, whichare the entities over which Brookfield Renewable has control. An investor controls an investee when it is exposed, or hasrights, to variable returns from its involvement with the investee and has the ability to affect those returns through its powerover the investee. Non-controlling interests in the equity of Brookfield Renewable’s subsidiaries are shown separately inequity in the interim consolidated statements of financial position.
(c) Recently adopted accounting standards
Several amendments and interpretations apply for the first time in 2020, but do not have an impact on the consolidated financialstatements of Brookfield Renewable. Brookfield Renewable has not early adopted any other standards, interpretations oramendments that have been issued but are not yet effective.
Brookfield Renewable Partners L.P.	Interim Report	March 31, 2020
			Page 47

2. DISPOSAL OF ASSETS
In March 2020, Brookfield Renewable, along with its institutional partners, completed the sale of a 39 MW portfolio of solarassets in Thailand. The total consideration was THB 3,079 ($94 million) and Brookfield Renewable’s interest in the portfoliowas approximately 31%. This resulted in a loss on disposition of $12 million ($4 million net to Brookfield Renewable)recognized in the consolidated statements of income under Other. Immediately prior to the classification of the portfolio asheld for sale in 2018, Brookfield Renewable performed a revaluation of the property, plant & equipment, in line with itselection to apply the revaluation method and recorded a fair value uplift of $42 million. As a result of the disposition,Brookfield Renewable's portion of the accumulated revaluation surplus of $13 million post-tax was reclassified from othercomprehensive income directly to equity and noted as an Other item in the consolidated statements of changes in equity.
Summarized financial information relating to the disposal of the Thailand portfolio is shown below:
(MILLIONS)
Proceeds	$	94
Carrying value of net assets held for sale Assets		114
Liabilities		(8)
		106
Loss on disposal	$	(12)
3. ASSETS HELD FOR SALE
As at March 31, 2020, assets held for sale within Brookfield Renewable's operating segments include solar facilities in SouthAfrica and Asia.
The following is a summary of the major items of assets and liabilities classified as held for sale:
(MILLIONS)				March 31, 2020	December 31, 2019
Assets
Cash and cash equivalents				$	2	$	14
Restricted cash					17	22
Trade receivables and other current assets					8	13
Property, plant and equipment					163	303
Assets held for sale				$	190	$	352
Liabilities
Current liabilities				$	8	$	18
Long-term debt					56	73
Other long-term liabilities					31	46
Liabilities directly associated with assets held for sale				$	95	$	137
Brookfield Renewable Partners L.P.			Interim Report	March 31, 2020
		Page 48

4. RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
RISK MANAGEMENT
Brookfield Renewable`s activities expose it to a variety of financial risks, including market risk (i.e., commodity price risk,interest rate risk, and foreign currency risk), credit risk and liquidity risk. Brookfield Renewable uses financial instrumentsprimarily to manage these risks.
COVID-19 pandemic has impacted business across the globe and we are monitoring its impact on our business. While it isdifficult to predict how significant the impact of COVID-19 will be, our business is highly resilient given we are an owner,operator and investor in one of the most critical sectors in the world and have a robust balance sheet with a strong investmentgrade rating. We generate revenues that are predominantly backed by long-term contracts with well diversified creditworthycounterparties. The majority of our assets are operated from centralized control centers and our operators around the worldhave implemented contingency plans to ensure operations, maintenance and capital programs continue with little disruption.
There have been no other material changes in exposure to the risks Brookfield Renewable is exposed to since the December 31,2019 audited consolidated financial statements.
Fair value disclosures
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction betweenmarket participants at the measurement date.
Fair values determined using valuation models require the use of assumptions concerning the amount and timing of estimatedfuture cash flows and discount rates. In determining those assumptions, management looks primarily to external readilyobservable market inputs such as interest rate yield curves, currency rates, commodity prices and, as applicable, credit spreads.
A fair value measurement of a non-financial asset is the consideration that would be received in an orderly transaction betweenmarket participants, considering the highest and best use of the asset.
Assets and liabilities	measured at fair value are categorized into one of three hierarchy levels, described below. Each level
is based on the transparency of the inputs used to measure the fair values of assets and liabilities.
Level 1 - inputs are based on unadjusted quoted prices in active markets for identical assets and liabilities;
Level 2 - inputs, other than quoted prices in Level 1, that are observable for the asset or liability, either directly or indirectly;and
Level 3 - inputs for the asset or liability that are not based on observable market data.
Brookfield Renewable Partners L.P.		Interim Report	March 31, 2020
				Page 49

The following table presents Brookfield Renewable's assets and liabilities measured and disclosed at fair value classified bythe fair value hierarchy:
	March 31, 2020	December 31, 2019
(MILLIONS)			Level 1	Level 2			Level 3	Total	Total
Assets measured at fair value:
Cash and cash equivalents			$	294	$	—			$	—			$	294	$				115
Restricted cash								(1)	234	—			—	234	173
Financial instrument assets									(2)
Energy derivative contracts—	106			20	126	76
Interest rate swaps—————
Foreign exchange swaps—	37			—	37				4
Investments in equity securities			42	64			45	151	160
Property, plant and equipment——			27,873	27,873	30,714
Liabilities measured at fair value:
Financial instrument liabilities									(2)
Energy derivative contracts—	(15)			—	(15)	(8)
Interest rate swaps—	(173)			—	(173)	(131)
Foreign exchange swaps—	(8)			—	(8)				(39)
Contingent consideration									(3)	—	—			(27)	(27)	(11)
Assets for which fair value is disclosed:
Equity-accounted investments									(4)	1,035	—			—	1,035	1,010
Liabilities for which fair value is disclosed:
Corporate borrowings			(1,681)	(338)			—	(2,019)	(2,204)
Non-recourse borrowing			(394)	(8,328)			—	(8,722)	(9,573)
Total			$	(470) $	(8,655) $ 27,911						$	18,786	$				20,286
(1)	Includes both the current amount and long-term amount included in Other long-term assets.
(2)	Includes both current and long-term amounts.
(3)	Amount relates to acquisitions with obligations lapsing in 2021 to 2024.
(4)	The fair value corresponds to Brookfield Renewable's investment in publicly-quoted common shares of TerraForm Power, Inc.
There were no transfers between levels during the three months ended March 31, 2020.
Financial instruments disclosures
The aggregate amount of Brookfield Renewable's net financial instrument positions are as follows:
	March 31, 2020	December 31, 2019
					Net Assets	Net Assets
(MILLIONS)AssetsLiabilities(Liabilities)(Liabilities)
Energy derivative contracts			$								126	$			15	$	111	$		68
Interest rate swaps—	173	(173)	(131)
Foreign exchange swaps											37	8	29				(35)
Investments in equity securities											151	—	151	160
Total											314	196	118	62
Less: current portion											126	142	(16)	(64)
Long-term portion			$								188	$			54	$	134	$		126
Brookfield Renewable Partners L.P.			Interim Report	March 31, 2020
						Page 50

(a) Energy derivative contracts
Brookfield Renewable has entered into long-term energy derivative contracts primarily to stabilize or eliminate the price riskon the sale of certain future power generation. Certain energy contracts are recorded in Brookfield Renewable's interimconsolidated financial statements at an amount equal to fair value, using quoted market prices or, in their absence, a valuationmodel using both internal and third-party evidence and forecasts.
(b) Interest rate hedges
Brookfield Renewable has entered into interest rate hedge contracts primarily to minimize exposure to interest rate fluctuationson its variable rate debt or to lock in interest rates on future debt refinancing. All interest rate hedge contracts are recordedin the interim consolidated financial statements at fair value.
(c) Foreign exchange swaps
Brookfield Renewable has entered into foreign exchange swaps to minimize its exposure to currency fluctuations impactingits investments and earnings in foreign operations, and to fix the exchange rate on certain anticipated transactions denominatedin foreign currencies.
(d) Investments in equity securities
Brookfield Renewable's investments in equity securities consist of investments in publicly-quoted and non-publicly quoted
securities which are recorded on the statement of financial position at fair value.
The following table reflects the unrealized gains (losses) included in Foreign exchange and unrealized financial instrumentloss in the interim consolidated statements of income for the three months ended March 31:
(MILLIONS)	2020	2019
Energy derivative contracts			$	24			$	6
Interest rate swaps	(22)	(13)
Foreign exchange swaps	54	(11)
Foreign exchange gain (loss)	(36)	—
			$	20			$	(18)
The following table reflects the gains (losses) included in other comprehensive income in the interim consolidated statementsof comprehensive loss for the three months ended March 31:
(MILLIONS)	2020	2019
Energy derivative contracts			$	40			$	13
Interest rate swaps	(33)	(17)
	7	(4)
Foreign exchange swaps – net investment	32	(6)
Investments in equity securities	(9)	26
			$	30			$	16
The following table reflects the reclassification adjustments recognized in net income in the interim consolidated statementsof comprehensive loss for the three months ended March 31:
(MILLIONS)	2020	2019
Energy derivative contracts			$	(22) $	1
Interest rate swaps	3	3
			$	(19) $	4
Brookfield Renewable Partners L.P.					Interim Report	March 31, 2020
		Page 51

5. SEGMENTED INFORMATION
Brookfield Renewable’s Chief Executive Officer and Chief Financial Officer (collectively, the chief operating decision makeror “CODM”) review the results of the business, manage operations, and allocate resources based on the type of technology.
Our operations are segmented by – 1) hydroelectric, 2) wind, 3) solar, 4) storage & other (cogeneration and biomass), and 5)corporate – with hydroelectric and wind further segmented by geography (i.e., North America, Colombia, Brazil, Europe andAsia). This best reflects the way in which the CODM reviews results, manages operations and allocates resources. TheColombia segment aggregates the financial results of its hydroelectric and cogeneration facilities. The Canada segmentincludes the financial results of our strategic investment in TransAlta Corporation ("TransAlta"). The corporate segmentrepresents all activity performed above the individual segments for the business.
Reporting to the CODM on the measures utilized to assess performance and allocate resources is provided on a proportionatebasis. Information on a proportionate basis reflects Brookfield Renewable’s share from facilities which it accounts for usingconsolidation and the equity method whereby Brookfield Renewable either controls or exercises significant influence or jointcontrol over the investment, respectively. Proportionate information provides a Unitholder (holders of the GP interest,Redeemable/Exchangeable partnership units, and LP Units) perspective that the CODM considers important when performinginternal analyses and making strategic and operating decisions. The CODM also believes that providing proportionateinformation helps investors understand the impacts of decisions made by management and financial results allocable toBrookfield Renewable’s Unitholders.
Proportionate financial information is not, and is not intended to be, presented in accordance with IFRS. Tables reconcilingIFRS data with data presented on a proportionate consolidation basis have been disclosed. Segment revenues, other income,direct operating costs, interest expense, depreciation, current and deferred income taxes, and other are items that will differfrom results presented in accordance with IFRS as these items include Brookfield Renewable’s proportionate share of earningsfrom equity-accounted investments attributable to each of the above-noted items, and exclude the proportionate share ofearnings (loss) of consolidated investments not held by us apportioned to each of the above-noted items.
Brookfield Renewable does not control those entities that have not been consolidated and as such, have been presented asequity-accounted investments in its consolidated financial statements. The presentation of the assets and liabilities andrevenues and expenses does not represent Brookfield Renewable’s legal claim to such items, and the removal of financialstatement amounts that are attributable to non-controlling interests does not extinguish Brookfield Renewable’s legal claimsor exposures to such items.
Brookfield Renewable reports its results in accordance with these segments and presents prior period segmented informationin a consistent manner.
In accordance with IFRS 8, Operating Segments, Brookfield Renewable discloses information about its reportable segmentsbased upon the measures used by the CODM in assessing performance. Except as it relates to proportionate financialinformation discussed above, the accounting policies of the reportable segments are the same as those described in Note 1 –Basis of preparation and significant accounting policies. Brookfield Renewable analyzes the performance of its operatingsegments based on revenues, Adjusted EBITDA, and Funds From Operations. Adjusted EBITDA and Funds From Operationsare . are not generally accepted accounting measures under IFRS and therefore may differ from definitions of AdjustedEBITDA and Funds From Operations used by other entities.
Brookfield Renewable uses Adjusted EBITDA to assess the performance of its operations before the effects of interest expense,income taxes, depreciation, management service costs, non-controlling interests, unrealized gain or loss on financialinstruments, non-cash gain or loss from equity-accounted investments, distributions to preferred shareholders and preferredlimited partners and other typical non-recurring items.
Brookfield Renewable uses Funds From Operations to assess the performance of its operations and is defined as AdjustedEBITDA less management service costs, interest and current income taxes, which is then adjusted for the cash portion ofnon-controlling interests and distributions to preferred shareholders and preferred limited partners.
Brookfield Renewable Partners L.P.	Interim Report	March 31, 2020
			Page 52

The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconcilesBrookfield Renewable's proportionate results to the consolidated statements of income on a line by line basis by aggregating the components comprising the earnings fromBrookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the three months ended March 31,2020:
	Attributable to Unitholders
		Contribution	Attributable		Hydroelectric	Wind
		from equity-	to non-	As per
		accounted	controlling	IFRS			Storage	North							North
		investments	interests	financials	(1)		Solar	& Other	Corporate	Total	(MILLIONS)									America	Brazil				Colombia	America	Europe									Brazil	Asia
Revenues					265						61				60	60	22									4	6	49	18						—	545	(95)										342	792
Other income					2						3				2	2	—									—	—	1	—		2	12	(2)											—	10
Direct operating costs					(69)	(17)						(26)	(14)									(9)	(1)	(1)	(14)	(10)		(5)	(166)	28											(123)	(261)
Share of Adjusted EBITDA from equity-
accounted investments———————————	69														8	77
Adjusted EBITDA					198						47				36	48	13									3	5	36	8		(3)	391	—											227
Management service costs—————————	(31)	(31)	—														—	(31)
Interest expense					(39)						(4)				(7)	(19)									(2)	(1)	(2)	(17)	(2)	(20)	(113)	27											(76)	(162)
Current income taxes					(3)						(2)				(4)	—	—									(1)	—	(1)	—						—	(11)	4										(12)	(19)
Distributions attributable to
Preferred limited partners equity—————————	(12)	(12)	—														—	(12)
Preferred equity—————————		(7)	(7)	—														—	(7)
Share of interest and cash taxes from equity accounted investments———————————	(31)														(3)	(34)
Share of Funds From Operations attributable to non-controlling interests————————————														(136)	(136)
Funds From Operations					156						41				25	29	11									1	3	18	6	(73)	217	—											—
Depreciation					(58)	(20)										(6)	(42)	(12)									(4)	(2)	(22)	(5)		(1)	(172)	48											(82)	(206)
Foreign exchange and unrealized financial instrument loss					18						7				5	(2)	(11)									—	(1)	(5)	1	(13)	(1)	12											9	20
Deferred income tax expense					(20)						1				(1)	(2)									1	—	—	(1)	—						16	(6)	5										2	1
Other					(20)						(4)				—	5	—									—	2	—	(1)		(2)	(20)	(6)											18	(8)
Share of earnings from equity-accounted
investments———————————	(59)														—	(59)
Net loss attributable to non-controlling interests————————————														53	53
Net income (loss) attributable to Unitholders																		(2)	76			25				23	(12)	(11)									(3)	2	(10)	1	(73)	18	—						—	18
(1)	Share of loss from equity-accounted investments of $16 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable to participatingnon-controlling interests - in operating subsidiaries of $83 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.
(2)	Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders,non-controlling interests, preferred limited partners equity and preferred equity.
Brookfield Renewable Partners L.P.	Interim Report																March 31, 2020
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The following table provides each segment's results in the format that management organizes its segments to make operating decisions and assess performance and reconcilesBrookfield Renewable's proportionate results to the consolidated statements of income on a line by line basis by aggregating the components comprising the earnings fromBrookfield Renewable's investments in associates and reflecting the portion of each line item attributable to non-controlling interests for the three months ended March 31,2019:
	Attributable to Unitholders
		Contribution	Attributable		Hydroelectric	Wind
		from equity-	to non-	As per
		accounted	controlling	IFRS			Storage	North							North
		investments	interests	financials	(1)		Solar	& Other	Corporate	Total	(MILLIONS)									America	Brazil				Colombia	America	Europe									Brazil	Asia
Revenues					262						65				62	63	28									7	2	38	24						—	551	(91)										365	825
Other income					1						1				—	2	—									—	—	1	—		2	7	(4)											5	8
Direct operating costs					(68)	(17)						(24)	(17)	(8)									(2)	(1)	(7)	(13)		(6)	(163)	29											(120)	(254)
Share of Adjusted EBITDA from equity-
accounted investments———————————	66														7	73
Adjusted EBITDA					195						49				38	48	20									5	1	32	11		(4)	395	—											257
Management service costs—————————	(21)	(21)	—														—	(21)
Interest expense					(41)						(6)				(8)	(19)	(3)									(2)	—	(14)	(4)	(24)	(121)	24											(76)	(173)
Current income taxes					(2)						(3)				(4)	—	—									(1)	—	—	—						—	(10)	1										(15)	(24)
Distributions attributable to
Preferred limited partners equity—————————	(10)	(10)	—														—	(10)
Preferred equity—————————		(6)	(6)	—														—	(6)
Share of interest and cash taxes from equity accounted investments———————————	(25)														(4)	(29)
Share of Funds From Operations attributable to non-controlling interests————————————														(162)	(162)
Funds From Operations					152						40				26	29	17									2	1	18	7	(65)	227	—											—
Depreciation					(55)	(22)										(5)	(40)	(10)									(4)	(1)	(13)	(6)		(1)	(157)	33											(76)	(200)
Foreign exchange and unrealized financial instrument loss					2						(1)				—	—	(1)									(1)	—	—	(1)	(16)	(18)	1											(1)	(18)
Deferred income tax expense					(17)						1				(2)	16									5	—	(1)	16	—		6	24	(35)											(9)	(20)
Other					(15)						(1)				1	(1)	—									—	—	(12)	—		(5)	(33)	13											18	(2)
Share of earnings from equity-accounted
investments———————————	(12)														—	(12)
Net loss attributable to non-controlling interests————————————														68	68
Net income (loss) attributable to Unitholders																		(2)	67			17				20	4	11									(3)	(1)	9	—	(81)	43	—						—	43
(1)	Share of earnings from equity-accounted investments of $32 million is comprised of amounts found on the share of Adjusted EBITDA, share of interest and cash taxes and share of earnings lines. Net income attributable toparticipating non-controlling interests - in operating subsidiaries of $94 million is comprised of amounts found on Share of Funds From Operations attributable to non-controlling interests and Net loss attributable to non-controlling interests.
(2)	Net income (loss) attributable to Unitholders includes net income (loss) attributable to GP interest, Redeemable/Exchangeable partnership units and LP Units. Total net income (loss) includes amounts attributable to Unitholders,non-controlling interests, preferred limited partners equity and preferred equity.
Brookfield Renewable Partners L.P.	Interim Report																March 31, 2020
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The following table presents information on a segmented basis about certain items in Brookfield Renewable's statements of financial position:
	Attributable to Unitholders
					Hydroelectric	Wind
		Contribution	Attributable
		from equity-	to non-	As per
		accounted	controlling	IFRS			Storage	North							North
		investments	interests	financials		Solar	& Other	Corporate	Total	(MILLIONS)										America	Brazil					Colombia	America	Europe									Brazil	Asia
As at March 31, 2020
Cash and cash equivalents										$	22	$						14	$			25	$	26	$	11									$	11	$ 12	$	84	$	6	$		1	$	212	$				(101)	$				183	$	294
Property, plant and equipment					11,110	1,493						1,423	2,454	642											282	172	2,184	717						—	20,477	(4,316)	11,712	27,873
Total assets					11,921	1,657						1,651	2,616	705											308	222	2,436	761						98	22,375	(3,112)	13,400	32,663
Total borrowings					2,986	166						382	1,301	317											68	124	1,386	225	2,010	8,965	(2,306)	3,612	10,271
Other liabilities					2,901	115						400	529	113											7	22	440	44	243	4,814					(806)	2,027	6,035
For the three months ended March 31, 2020:
Additions to property, plant and equipment					12						8				1	9	2											—	—	21	2						1	56	(17)									58	97
As at December 31, 2019
Cash and cash equivalents										$	10	$						7	$			10	$	18	$	21									$	2	$	5	$	63	$	6	$		1	$	143	$	(89)	$			61	$	115
Property, plant and equipment					11,488	1,938						1,773	2,556	628											368	187	2,018	732						—	21,688	(4,147)	13,173	30,714
Total assets					12,218	2,126						2,027	2,705	692											391	233	2,266	780	103	23,541	(2,872)	15,022	35,691
Total borrowings					3,070	208						449	1,221	326											71	124	1,470	235	2,107	9,281	(2,157)	3,880	11,004
Other liabilities					2,877	148						499	597	100											10	28	335	31	248	4,873					(715)	2,398	6,556
For the three months ended March 31, 2019:
Additions to property, plant and equipment					8						5				—	5	1											—	—	—	3						1	23	(7)									16	32
Brookfield Renewable Partners L.P.	Interim Report																	March 31, 2020
				Page 55

Geographical Information
The following table presents consolidated revenue split by geographical region for the three months ended March 31:
(MILLIONS)	2020	2019
United States			$	299			$	302
Colombia	247	257
Canada	90	84
Brazil	85	100
Europe	27	42
Asia	44	40
			$	792			$	825
The following table presents consolidated property, plant and equipment and equity-accounted investments split bygeographical region:
(MILLIONS)			March 31, 2020	December 31, 2019
United States			$	14,717			$	14,952
Colombia	5,909	7,353
Canada	3,918	4,268
Brazil	2,812	3,631
Europe	1,441	1,539
Asia	867	860
			$	29,664			$	32,603
6. INCOME TAXES
Brookfield Renewable's effective income tax rate was 13.0% for the three months ended March 31, 2020 (2019: 22.2%). Theeffective tax rate is different than the statutory rate primarily due to rate differentials and non-controlling interests' incomenot subject to tax.
7. PROPERTY, PLANT AND EQUIPMENT
The following table presents a reconciliation of property, plant and equipment at fair value:
	Storage &
						Notes	Hydro		Wind	Solar	other			(1)	Total	(2)
(MILLIONS)
As at December 31, 2019								$	26,024				$	4,258			$	197	$	235			$	30,714
Additions					27		6	63	1	97
Items recognized through OCI
Foreign currency translation					(2,336)		(339)	(10)	(47)	(2,732)
Items recognized through net income
Depreciation					(130)		(69)	(3)	(4)	(206)
March 31, 2020											(3)	$	23,585				$	3,856			$	247	$	185	$	27,873
(1)	Includes biomass and cogeneration.
(2)	Includes intangible assets of $8 million (2019: $10 million) and assets under construction of $346 million (2019: $334 million).
(3)	Includes right-of-use assets not subject to revaluation of $63 million (2019: $71 million) in our hydroelectric segment, $52 million (2019: $51million) in our wind segment and $3 million (2019: $3 million) in our storage & other segment.
Brookfield Renewable Partners L.P.					Interim Report	March 31, 2020
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8. BORROWINGS
Corporate Borrowings
The composition of corporate borrowings is presented in the following table:
	March 31, 2020	December 31, 2019
			Weighted-average	Weighted- average
			Interest	Term				Carrying	Estimated	Interest	Term				Carrying	Estimated
(MILLIONS EXCEPT AS NOTED)			rate (%)	(years)				value	fair value	rate (%)	(years)				value	fair value
Commercial paper and
credit facilities			2.2	4				$	338	$			338	2.9					5	$	299	$	299
Medium Term Notes:
Series 4 (C$150)			5.8	17				107	$			119	5.8	17				$	115	$	142
Series 8 (C$400)			4.8	2				285				295	4.8					2	308	324
Series 9 (C$400)			3.8	5				285				292	3.8					5	308	322
Series 10 (C$500)			3.6	7				356				362	3.6					7	384	400
Series 11 (C$300)			4.3	9				213				218	4.3					9	231	248
Series 12 (C$300)			3.4	10				213				209	3.4	10				231	232
Series 13 (C$300)			4.3	30				213				186	4.3	30				231	237
			4.1	10				$	1,672	$	1,681	4.1	10				$	1,808	$	1,905
Total corporate borrowings					2,010	2,019	2,107	2,204
Less: Unamortized financing fees			(1)								(8)	(7)
Less: Current portion					(100)		—
					$	1,902		$	2,100
(1)	Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.
Brookfield Renewable had $100 million commercial paper outstanding as at March 31, 2020 (2019: nil). The commercialpaper program is supplemented by our $1.75 billion corporate credit facilities.
Brookfield Renewable issues letters of credit from its corporate credit facilities for general corporate purposes which include,but are not limited to, security deposits, performance bonds and guarantees for reserve accounts. As at March 31, 2020, therewere no letters of credit issued that utilized the corporate credit facility (2019: nil).
Brookfield Renewable and its subsidiaries issue letters of credit from some of their credit facilities for general corporate andoperating purposes which include, but are not limited to, security deposits, performance bonds and guarantees for debt servicereserve accounts. See Note 17 – Commitments, contingencies and guarantees for letters of credit issued by subsidiaries.
The following table summarizes the available portion of credit facilities:
(MILLIONS)		March 31, 2020					December 31, 2019
Authorized corporate credit facilities													(1)	$					2,150	$	2,150
Draws on corporate credit facilities			(1)							(338)	(299)
Authorized letter of credit facility							400	400
Issued letters of credit										(243)	(266)
Available portion of corporate credit facilities				$						1,969	$	1,985
(1)	Amounts are guaranteed by Brookfield Renewable.
Brookfield Renewable Partners L.P.					Interim Report							March 31, 2020
								Page 57

Medium term notes
Medium term notes are obligations of a finance subsidiary of Brookfield Renewable, Brookfield Renewable Partners ULC(“Finco”) (Note 19 - Subsidiary public issuers). Finco may redeem some or all of the borrowings from time to time, pursuantto the terms of the indenture. The balance is payable upon maturity, and interest on corporate borrowings is paid semi-annually.The term notes payable by Finco are unconditionally guaranteed by Brookfield Renewable, Brookfield Renewable EnergyL.P. (“BRELP”) and certain other subsidiaries.
Subsequent to March 31, 2020, Brookfield Renewable completed the issuance of C$175 million ($124 million) Series 11medium term notes and C$175 million ($124 million) Series 12 medium term notes. The medium term notes were issued asa re-opening on identical terms, other than issue date and the price to the public, to the 4.25% Series 11 medium term notesand the 3.38% Series 12 medium term notes that were issued in September 2018 and 2019, respectively.
Non-recourse borrowings
Non-recourse borrowings are typically asset-specific, long-term, non-recourse borrowings denominated in the domesticcurrency of the subsidiary. Non-recourse borrowings in North America and Europe consist of both fixed and floating interestrate debt indexed to the London Interbank Offered Rate (“LIBOR”), the Euro Interbank Offered Rate ("EURIBOR") and theCanadian Dollar Offered Rate (“CDOR”). Brookfield Renewable uses interest rate swap agreements in North America andEurope to minimize its exposure to floating interest rates. Non-recourse borrowings in Brazil consist of floating interest ratesof Taxa de Juros de Longo Prazo (“TJLP”), the Brazil National Bank for Economic Development’s long-term interest rate,or Interbank Deposit Certificate rate (“CDI”), plus a margin. Non-recourse borrowings in Colombia consist of both fixed andfloating interest rates indexed to Indicador Bancario de Referencia rate (IBR), the Banco Central de Colombia short-terminterest rate, and Colombian Consumer Price Index (IPC), Colombia inflation rate, plus a margin. Non-recourse borrowingsin India consist of fixed interest rate debt. Non-recourse borrowings in China consist of floating interest rates of People'sBank of China ("PBOC").
The composition of non-recourse borrowings is presented in the following table:
	March 31, 2020	December 31, 2019
			Weighted-average	Weighted-average
			Interest	Term				Carrying	Estimated	Interest	Term					Carrying	Estimated
(MILLIONS EXCEPT AS NOTED)			rate (%)	(years)				value	fair value	rate (%)	(years)					value	fair value
Non-recourse borrowings
Hydroelectric									(1)	5.7	9				$	6,178	$	6,538	5.9	10			$	6,616	$	7,106
Wind			5.2	11				1,835	1,875	5.2	11					1,899	2,006
Solar			5.8	6				236					233	5.1	5					355	363
Storage & other			3.3	1										75	76	3.9	4					94			98
Total			5.6	9				$	8,324	$	8,722	5.7	10					$	8,964	$	9,573
Add: Unamortized premiums													(2)	8								9
Less: Unamortized financing fees			(2)		(63)		(69)
Less: Current portion					(580)		(685)
					$	7,689		$	8,219
(1)	Includes a lease liability of $329 million associated with a hydroelectric facility included in property, plant and equipment, at fair value, whichis subject to revaluation. At the beginning of May, Brookfield Renewable exercised the buy out option related to this lease liability. Refer toNote 20 – Subsequent events.
(2)	Unamortized premiums and unamortized financing fees are amortized over the terms of the borrowing.
In March 2020, Brookfield Renewable completed a refinancing of COP 200 billion ($50 million). The debt, drawn in twotranches, bears interest at the applicable base rate plus an average margin of 2.36% and matures in March 2027.
In March 2020, Brookfield Renewable completed a refinancing totaling INR 1,460 million ($20 million) associated with asolar portfolio in India. A portion of the loan bears interest
					at the applicable base rate plus a margin of 1.45% and the remaining
portion bears a fixed rate of 9.75%. The loans mature between 2032 to 2037.
Brookfield Renewable Partners L.P.					Interim Report									March 31, 2020
								Page 58

9. NON-CONTROLLING INTERESTS
Brookfield Renewable`s non-controlling interests are comprised of the following:
(MILLIONS)	March 31, 2020	December 31, 2019
Participating non-controlling interests – in operating subsidiaries	$		7,760	$		8,742
General partnership interest in a holding subsidiary held by Brookfield			60	68
Participating non-controlling interests – in a holding subsidiary – Redeemable/
Exchangeable units held by Brookfield			2,923	3,315
Preferred equity			551	597
	$		11,294	$		12,722
Brookfield Renewable Partners L.P.					Interim Report	March 31, 2020
				Page 59

Participating non-controlling interests	– in operating subsidiaries
The net change in participating non-controlling interests		– in operating subsidiaries is as follows:
			Brookfield
			Americas	Brookfield	Brookfield				Brookfield	Canadian		Isagen	Isagen public
			Infrastructure	Infrastructure	Infrastructure				Infrastructure	Hydroelectric	The Catalyst	institutional	non-controlling
	Fund			Fund II	Fund III	Fund IV	Portfolio	Group	investors	interests	Other	Total
(MILLIONS)
As at December 31, 2018			$	900	$			1,929	$			2,469	$							—	$	276	$						124	$	2,212	$					15	$	204			$	8,129
Net income (loss)—	(13)			73								6	19							17	154							1	5	262
OCI	46	134			330								(3)	61							(41)	266							2	—	795
Capital contributions——																	2	159	268							—	—							(2)	3	430
Disposal—	(87)			—								—	—							—	—							—	(85)	(172)
Distributions	(24)	(120)			(274)								—	(1)							(11)	(259)							(1)	(16)	(706)
Other—	8			(3)								1	(5)							—	2							(2)	3	4
As at December 31, 2019			$	922	$			1,851	$			2,597	$	163	$	618	$						89	$	2,375	$						13	$	114						$	8,742
Net income (loss)—	(1)			14								4							9	7	41							—	9	83
OCI	(32)	(90)			(327)								4	(46)							—	(470)							(3)	(17)	(981)
Capital contributions——																	1	13	(6)							—	—							—	—	8
Distributions	(2)	(12)			(26)								—	—							—	(34)							—	(3)	(77)
Other——			(16)								1	(1)							—	1							—	—	(15)
As at March 31, 2020			$	888	$			1,748	$			2,243	$	185	$	574	$						96	$	1,913	$						10	$	103						$	7,760
Interests held by third parties			75%-80%	43%-60%	23%-71%											75%	50%							25%	53%							0.4%	20%-50%
Brookfield Renewable Partners L.P.						Interim Report					March 31, 2020
												Page 60

General partnership interest in a holding subsidiary held by Brookfield and Participating non-controlling interests – in aholding subsidiary – Redeemable/Exchangeable units held by Brookfield
Brookfield, as the owner of the 1% general partnership interest in BRELP held by Brookfield (“GP interest”), is entitled toregular distributions plus an incentive distribution based on the amount by which quarterly distributions exceed specifiedtarget levels. To the extent that LP Unit distributions exceed $0.375 per LP Unit per quarter, the incentive is 15% of distributionsabove this threshold. To the extent that quarterly LP Unit distributions exceed $0.4225 per LP Unit, the incentive distributionis equal to 25% of distributions above this threshold.
As at March 31, 2020, general partnership units, and Redeemable/Exchangeable partnership units outstanding were 2,651,506(December 31, 2019: 2,651,506) and 129,658,623 (December 31, 2019: 129,658,623), respectively.
Distributions
The composition of the distributions for the three months ended March 31 is presented in the following table:
(MILLIONS)	2020	2019
General partnership interest in a holding subsidiary held by Brookfield			$	1			$	2
Incentive distribution	16	13
	17	15
Participating non-controlling interests – in a holding subsidiary – Redeemable/Exchangeable
units held by Brookfield	72	68
			$	89			$	83
Preferred equity
Brookfield Renewable`s preferred equity consists of Class A Preference Shares of Brookfield Renewable Power PreferredEquity Inc. ("BRP Equity") as follows:
								Distributions declared for
							Earliest	the three months ended
						Cumulative	permitted		March 31	Carrying value as at
					Shares	distribution	redemption
(MILLIONS EXCEPT ASNOTED)
					outstanding	rate (%)	date	2020		2019	March 31, 2020	December 31, 2019
Series 1 (C$136)					5.45						3.36	Apr 2020	$	1	$	1		$	97	$	105
Series 2 (C$113)													(1)	4.51						4.20	Apr 2020	1	1	79	86
Series 3 (C$249)					9.96						4.40	Jul 2019		2	2	177	192
Series 5 (C$103)					4.11						5.00	Apr 2018		1	1	73	79
Series 6 (C$175)					7.00						5.00	Jul 2018		2	1	124	135
					31.04			$	7	$	6		$	550	$	597
(1)	Dividend rate represents annualized distribution based on the most recent quarterly floating rate.
The Class A Preference Shares do not have a fixed maturity date and are not redeemable at the option of the holders. As atMarch 31, 2020, none of the issued Class A Preference Shares have been redeemed by BRP Equity.
Class A Preference Shares – Normal Course Issuer Bid
In July 2019, Brookfield Renewable entered into a normal course issuer bid in connection with the outstanding Class APreference Shares for another year to July 8, 2020, or earlier should the repurchases be completed prior to such date. Underthis normal course issuer bid, Brookfield Renewable is permitted to repurchase up to 10% of the total public float for eachrespective series of the Class A Preference Shares. Unitholders may receive a copy of the notice, free of charge, by contactingBrookfield Renewable. No shares were repurchased during the three months ended March 31, 2020.
Brookfield Renewable Partners L.P.							Interim Report	March 31, 2020
		Page 61

10. PREFERRED LIMITED PARTNERS' EQUITY
Brookfield Renewable’s preferred limited partners’ equity comprises of Class A Preferred LP Units as follows:
				Distributions declared
			Earliest
				for the three months
		Cumulative	permitted
				ended March 31	Carrying value as at
	Shares	distribution	redemption
(MILLIONS, EXCEPT ASNOTED)	outstanding	rate (%)	date			2019
				2020	March 31, 2020		December 31, 2019
Series 5 (C$72)	2.89							5.59	Apr 2018	$			1	$	1		$	49	$		49
Series 7 (C$175)	7.00							5.50	Jan 2021				2	2	128					128
Series 9 (C$200)	8.00							5.75	Jul 2021				2	2	147					147
Series 11 (C$250)	10.00							5.00	Apr 2022				2	2	187					187
Series 13 (C$250)	10.00							5.00	Apr 2023				2	2	196					196
Series 15 (C$175)	7.00							5.75	Apr 2024				2	1	126					126
Series 17 ($200)	8.00							5.25	Mar 2025	$			1	$	—		$	195		$		—
	52.89			$					12	$	10		$	1,028		$			833
On February 24, 2020, Brookfield Renewable issued 8,000,000 Class A Preferred Limited Partnership Units, Series 17 (the“Series 17 Preferred Units”) at a price of $25 per unit for gross proceeds of $200 million. Brookfield Renewable incurred $5million in related transaction costs inclusive of fees paid to underwriters. The holders of the Series 17 Preferred Units areentitled to receive a cumulative quarterly fixed distribution yielding 5.25%.
As at March 31, 2020, none of the Class A, Series 5 Preferred Limited Partnership Units have been redeemed.
In July 2019, Brookfield Renewable commenced a normal course issuer bid in connection with the outstanding Class APreferred Limited Partnership Units. Under this normal course issuer bid, Brookfield Renewable is permitted to repurchaseup to 10% of the total public float for each respective series of its Class A Preference Units. Repurchases were authorized tocommence on July 9, 2019 and will terminate on July 8, 2020, or earlier should Brookfield Renewable complete its repurchasesprior to such date.
11. LIMITED PARTNERS' EQUITY
Limited partners’ equity
As at March 31, 2020, 179,016,978 LP Units were outstanding (December 31, 2019: 178,977,800 LP Units) including56,068,944 LP Units (December 31, 2019: 56,068,944 LP Units) held by Brookfield. Brookfield owns all general partnershipinterests in Brookfield Renewable representing a 0.01% interest.
During the three months ended March 31, 2020, 39,178 LP Units (2019: 50,499 LP Units) were issued under the distributionreinvestment plan at a total cost of $1 million (2019: $2 million).
As at March 31, 2020, Brookfield Asset Management’s direct and indirect interest of 185,727,567 LP Units and Redeemable/Exchangeable partnership units represents approximately 60% of Brookfield Renewable on a fully-exchanged basis and theremaining approximate 40% is held by public investors.
On an unexchanged basis, Brookfield holds a 31% direct limited partnership interest in Brookfield Renewable, a 42% directinterest in BRELP through the ownership of Redeemable/Exchangeable partnership units and a direct 1% GP interest inBRELP as at March 31, 2020.
In December 2019, Brookfield Renewable commenced a normal course issuer bid in connection with its LP Units. Underthis normal course issuer bid Brookfield Renewable is permitted to repurchase up to 8.9 million LP Units, representingapproximately 5% of the issued and outstanding LP Units, for capital management purposes. The bid will expire on December11, 2020, or earlier should Brookfield Renewable complete its repurchases prior to such date. There were no LP unitsrepurchased during the three months ended March 31, 2020 and 2019.
Brookfield Renewable Partners L.P.			Interim Report				March 31, 2020
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Distributions
The composition of the limited partners' equity distributions for the three months ended March 31 is presented in the followingtable:
(MILLIONS)	2020	2019
Brookfield			$	31			$	29
External LP Unitholders	68	64
			$	99			$	93
In January 2020, Unitholder distributions were increased to $2.17 per LP Unit on an annualized basis, an increase of $0.11per LP Unit, which took effect with the distribution payable in March 2020.
12. EQUITY-ACCOUNTED INVESTMENTS
The following are Brookfield Renewable’s equity-accounted investments for the three months ended March 31, 2020:
(MILLIONS)
Opening balance	$	1,889
Acquisition		12
Share of net income (loss)		(16)
Share of other comprehensive income		(23)
Dividends received		(28)
Foreign exchange translation and other		(43)
Ending balance	$	1,791
The following table summarizes gross revenues and net income of equity-accounted investments in aggregate:
	2020	2019
(MILLIONS)
Revenue						$	384	$	359
Net income	(72)	110
Share of net income (loss)							(1)	(16)	32
(1)	Brookfield Renewable's ownership interest in these entities ranges from 14% to 50%.
The following table summarizes gross assets and liabilities of equity-accounted investments in aggregate at 100% to BrookfieldRenewable:
(MILLIONS)						March 31, 2020	December 31, 2019
Current assets						$	1,110	$	1,102
Property, plant and equipment			16,864	16,256
Other assets	657	571
Current liabilities	1,412	1,279
Non-recourse borrowings	7,908	7,365
Other liabilities	3,016	2,580
Brookfield Renewable Partners L.P.					Interim Report	March 31, 2020
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13. CASH AND CASH EQUIVALENTS
Brookfield Renewable’s cash and cash equivalents are as follows:
(MILLIONS)	March 31, 2020	December 31, 2019
Cash	$		268	$		103
Short-term deposits		26		12
	$		294	$		115
14. RESTRICTED CASH
Brookfield Renewable’s restricted cash is as follows:
(MILLIONS)	March 31, 2020	December 31, 2019
Operations	$		122	$		87
Credit obligations			101	69
Development projects		11		17
Total			234	173
Less: non-current			(15)	(19)
Current	$		219	$		154
15. TRADE RECEIVABLES AND OTHER CURRENT ASSETS
Brookfield Renewable's trade receivables and other current assets are as follows:
(MILLIONS)	March 31, 2020	December 31, 2019
Trade receivables	$		361	$		406
Prepaids and other		96		119
Other short-term receivables			133	142
Current portion of contract asset		55		51
	$		645	$		718
Brookfield Renewable receives payment monthly for invoiced PPA revenues and has no significant aged receivables as ofthe reporting date. Receivables from contracts with customers are reflected in Trade receivables.
16. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Brookfield Renewable's accounts payable and accrued liabilities are as follows:
(MILLIONS)	March 31, 2020	December 31, 2019
Operating accrued liabilities	$		180	$		237
Accounts payable		66		111
Interest payable on borrowings		83		73
Deferred consideration		40		60
LP Unitholders distributions, preferred limited partnership unit distributions and preferred
dividends payable						(1)	34	33
Current portion of lease liabilities		15		15
Other			112	61
	$		530	$		590
(1)	Includes amounts payable only to external LP Unitholders. Amounts payable to Brookfield are included in due to related parties.
Brookfield Renewable Partners L.P.					Interim Report	March 31, 2020
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17. COMMITMENTS, CONTINGENCIES AND GUARANTEES
Commitments
In the course of its operations, Brookfield Renewable and its subsidiaries have entered into agreements for the use of water,land and dams. Payment under those agreements varies with the amount of power generated. The various agreements can berenewed and are extendable up to 2089.
Together with institutional partners, Brookfield Renewable is committed to invest C$400 million in TransAlta's convertiblesecurities in October 2020. We also agreed, subject to certain terms and conditions, to maintain an ownership of TransAltacommon shares to 9% up to a price ceiling.
Brookfield Renewable, alongside institutional partners, entered into a commitment to invest approximately $37 million toacquire a 150 MW solar development portfolio in Brazil. The transaction is expected to close in the second quarter of 2020,subject to customary closing conditions, with Brookfield Renewable expected to hold a 25% interest.
Contingencies
Brookfield Renewable and its subsidiaries are subject to various legal proceedings, arbitrations and actions arising in thenormal course of business. While the final outcome of such legal proceedings and actions cannot be predicted with certainty,it is the opinion of management that the resolution of such proceedings and actions will not have a material impact onBrookfield Renewable’s consolidated financial position or results of operations.
Brookfield Renewable, on behalf of Brookfield Renewable’s subsidiaries, and the subsidiaries themselves have providedletters of credit, which include, but are not limited to, guarantees for debt service reserves, capital reserves, constructioncompletion and performance. The activity on the issued letters of credit by Brookfield Renewable can be found in Note 8 –Borrowings.
Brookfield Renewable, along with institutional investors, has provided letters of credit, which include, but are not limited to,guarantees for debt service reserves, capital reserves, construction completion and performance as it relates to interests in theBrookfield Americas Infrastructure Fund, the Brookfield Infrastructure Fund II, the Brookfield Infrastructure Fund III, andthe Brookfield Infrastructure Fund IV. Brookfield Renewable’s subsidiaries have similarly provided letters of credit, whichinclude, but are not limited to, guarantees for debt service reserves, capital reserves, construction completion and performance.
Letters of credit issued by Brookfield Renewable along with institutional investors and its subsidiaries were as at the followingdates:
(MILLIONS)	March 31, 2020	December 31, 2019
Brookfield Renewable along with institutional investors	$	49	$	50
Brookfield Renewable's subsidiaries				268	286
	$			317	$	336
Guarantees
In the normal course of operations, Brookfield Renewable and its subsidiaries execute agreements that provide forindemnification and guarantees to third parties of transactions such as business dispositions, capital project purchases, businessacquisitions, and sales and purchases of assets and services. Brookfield Renewable has also agreed to indemnify its directorsand certain of its officers and employees. The nature of substantially all of the indemnification undertakings preventsBrookfield Renewable from making a reasonable estimate of the maximum potential amount that Brookfield Renewablecould be required to pay third parties as the agreements do not always specify a maximum amount and the amounts aredependent upon the outcome of future contingent events, the nature and likelihood of which cannot be determined at thistime. Historically, neither Brookfield Renewable nor its subsidiaries have made material payments under such indemnificationagreements.
Brookfield Renewable Partners L.P.					Interim Report	March 31, 2020
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18. RELATED PARTY TRANSACTIONS
Brookfield Renewable`s related party transactions are recorded at the exchange amount. Brookfield Renewable`s relatedparty transactions are primarily with Brookfield Asset Management.
Brookfield Asset Management has provided a $400 million committed unsecured revolving credit facility maturing inDecember 2020 and the interest rate applicable on the draws is LIBOR plus up to 2%. During the current period there wereno draws on the committed unsecured revolving credit facility provided by Brookfield Asset Management. Brookfield AssetManagement may from time to time place funds on deposit with Brookfield Renewable which are repayable on demandincluding any interest accrued. There were no funds placed on deposit with Brookfield Renewable in the first quarter of 2020(2019: $600 million, of which $245 million was repaid during the period). There was no interest expense on the BrookfieldAsset Management revolving credit facility or deposit for the three months ended March 31, 2020 (2019: $3 million).
The following table reflects the related party agreements and transactions for the three months ended March 31 in the interimconsolidated statements of income:
	2020	2019
(MILLIONS)
Revenues
Power purchase and revenue agreements			$	96			$	159
Wind levelization agreement—	1
			$	96			$	160
Direct operating costs
Energy purchases			$	—			$	(3)
Energy marketing fee—	(6)
Insurance services					(1)	(6)	(7)
			$	(6) $	(16)
Interest expense
Borrowings			$	—			$	(3)
Contract balance accretion	(4)	(2)
			$	(4) $	(5)
Management service costs			$	(31) $	(21)
(1)	Insurance services are paid to a subsidiary of Brookfield Asset Management that brokers external insurance providers on behalf of BrookfieldRenewable. The fees paid to the subsidiary of Brookfield Asset Management for the three months ended March 31, 2020 were less than $1million (2019: less than $1 million).
Brookfield Renewable Partners L.P.						Interim Report	March 31, 2020
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19. SUBSIDIARY PUBLIC ISSUERS
The following tables provide consolidated summary financial information for Brookfield Renewable, BRP Equity, and Finco:
										Brookfield
	Brookfield		BRP		Holding	Other		Consolidating		Renewable
	Renewable	(1)	Equity		Finco	Entities	(1)(2)		Subsidiaries	(1)(3)		adjustments	(4)	consolidated
(MILLIONS)
As at March 31, 2020
Current assets	$	34	$	377	$ 1,690	$	116		$	3,275		$	(3,928) $	1,564
Long-term assets	5,079		232	2	23,125	31,363		(28,702)		31,099
Current liabilities		39	6	19	3,841	1,612			(3,928)	1,589
Long-term liabilities——	1,664	241	13,446			(634)	14,717
Participating non-controlling
interests – in operatingsubsidiaries
		—	—	—	—	7,760			—	7,760
Participating non-controlling
interests – in a holding subsidiary– Redeemable/Exchangeableunits held by Brookfield
		—	—	—	2,923	—			—	2,923
Preferred equity—	551	—	—	—			—		551
Preferred limited partners' equity	1,028		—	—	1,039	—			(1,039)	1,028
As at December 31, 2019
Current assets	$	32	$	408	$ 1,832	$	133		$	3,230		$	(4,161) $	1,474
Long-term assets	5,428		251	2	25,068	34,500		(31,032)		34,217
Current liabilities		40	7	24	3,918	1,852			(4,163)	1,678
Long-term liabilities——	1,801	300	14,440			(659)	15,882
Participating non-controlling interests
– in operating subsidiaries		—	—	—	—	8,742			—	8,742
Participating non-controlling interests
– in a holding subsidiary –Redeemable/Exchangeable unitsheld by Brookfield
		—	—	—	3,315	—			—	3,315
Preferred equity—	597	—	—	—			—		597
Preferred limited partners' equity		833	—	—	844	—			(844)		833
(1)	Includes investments in subsidiaries under the equity method.
(2)	Includes BRELP, BRP Bermuda Holdings I Limited, Brookfield BRP Holdings (Canada) Inc. and Brookfield BRP Europe Holdings Limited,together the "Holding Entities".
(3)	Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Finco and the Holding Entities.
(4)	Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis.
Brookfield Renewable Partners L.P.			Interim Report						March 31, 2020
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										Brookfield
	Brookfield		BRP		Holding	Other		Consolidating		Renewable
	Renewable	(1)	Equity	Finco	Entities	(1)(2)		Subsidiaries	(1)(3)		adjustments	(4)	consolidated
(MILLIONS)
Three months ended March 31, 2020
Revenues	$	—	$	—	$	—	$	—		$	792		$	—	$	792
Net income (loss)		22	—	—	(63)	332			(171)		120
Three months ended March 31, 2019
Revenues	$	—	$	—	$	—	$	(1) $	826		$	—	$		825
Net income (loss)		35	—	2	11	332			(227)		153
(1)	Includes investments in subsidiaries under the equity method.
(2)	Includes the Holding Entities.
(3)	Includes subsidiaries of Brookfield Renewable, other than BRP Equity, Finco, and the Holding Entities.
(4)	Includes elimination of intercompany transactions and balances necessary to present Brookfield Renewable on a consolidated basis.
See Note 8 – Borrowings for additional details regarding the medium-term borrowings issued by Finco. See Note 9 – Non-controlling interests for additional details regarding Class A Preference Shares issued by BRP Equity.
20. SUBSEQUENT EVENTS
At the beginning of May, Brookfield Renewable exercised the option to buy out the lease on its 192 MW hydroelectric facilityin Louisiana for $560 million ($420 million net to Brookfield Renewable). The transaction is expected to close in 2020.
Brookfield Renewable Partners L.P.			Interim Report						March 31, 2020
										Page 68

GENERAL INFORMATION
Corporate Office73 Front StreetFifth FloorHamilton, HM12BermudaTel: (441) 294-3304Fax: (441) 516-1988https://bep.brookfield.com	Directors of the General Partner ofBrookfield Renewable Partners L.P.Jeffrey BlidnerEleazar de Carvalho FilhoNancy DornDavid MannLou MarounPatricia ZuccottiStephen Westwell
Officers of Brookfield Renewable PartnersL.P.`s Service Provider,BRP Energy Group L.P.
	Exchange ListingNYSE: BEP (LP Units)TSX: BEP.UN (LP Units)TSX: BEP.PR.E (Preferred LP Units - Series 5)TSX: BEP.PR.G (Preferred LP Units - Series 7)TSX: BEP.PR.I (Preferred LP Units - Series 9)TSX: BEP.PR.K (Preferred LP Units - Series 11)TSX: BEP.PR.M (Preferred LP Units - Series 13)TSX: BEP.PR.O (Preferred LP Units - Series 15)NYSE: BEP.PR.A (Preferred LP Units - Series 17)TSX: BRF.PR.A (Preferred shares - Series 1)TSX: BRF.PR.B (Preferred shares - Series 2)TSX: BRF.PR.C (Preferred shares - Series 3)TSX: BRF.PR.E (Preferred shares - Series 5)TSX: BRF.PR.F (Preferred shares - Series 6)
Sachin ShahChief Executive Officer
Wyatt HartleyChief Financial Officer
Transfer Agent & RegistrarComputershare Trust Company of Canada100 University Avenue9th floorToronto, Ontario, M5J 2Y1Tel Toll Free: (800) 564-6253Fax Toll Free: (888) 453-0330www.computershare.com
	Investor InformationVisit Brookfield Renewable online athttps://bep.brookfield.com for more information. The 2019Annual Report and Form 20-F are also available online.For detailed and up-to-date news and information, pleasevisit the News Release section.
	Additional financial information is filed electronically withvarious securities regulators in United States and Canadathrough EDGAR at www.sec.gov and through SEDAR atwww.sedar.com.
	Shareholder enquiries should be directed to the InvestorRelations Department at (416) 369-2616 orenquiries@brookfieldrenewable.com